West Kelowna City Council is expected to formally adopt the 2024-2028 Financial Plan and Ten-Year Capital Plan this week along with the tax increase for property owners.
In December, West Kelowna council debated the budget and cut it down from an original proposal of 11.41%. Second and third readings were given in late February.
According to the staff report headed to city council on Tuesday, the $45 million tax total for this year is $3.4 million greater than last year.
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“Adjusting for assessment growth of 1.5% the tax percentage increase then nets out to 6.85% excluding additional infrastructure allocations,” says the staff report.
West Kelowna’s total capital budget for 2024 is sitting at $32,223,686, which was adjusted down by a net $955,203 million after consideration of the adjusted, deleted and deferred projects at second reading of the budget bylaw, the report says.
City staff say the budget includes $22.7 million in projects funded from reserves, $6 million funded from DCCs and $3.38 million funded from debt and grants.
Under the community Charter, the city must have their five-year financial plan adopted before May 15.
West Kelowna council is expected to give final adoption on Tuesday during the regular council meeting, which begins at 1:30 pm.
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