Provisional budget passes three reading, 2020 users rates set

NEWS RELEASE - Distributed December 17, 2019 3:00 PM

Summary

The 2020-2024 Provisional Financial Plan passed three readings at the December 16, 2019 Council meeting. The plan's approval allows Council to set spending limits for programs and services for the next five years. Staff will now proceed forward in preparing for 2020 capital projects.

During the meeting, Council also set the 2020 water, sewer and garbage collection rates to support long-term asset management requirements as outlined in the City's 2020-2024 Financial Plan. Revenues collected through these increases assist the City in paying for costs incurred during the long-term replacement of fixed assets, including water supply and distribution and sanitary sewer assets.

Highlights of the provisional plan include projected increases in:

• Property tax of 5.2%, equivalent to $109 for a typical household with an assessed value of $516,418

• Water user fees of 7.5%, equivalent to $42

• Sewer user fees of 4.0%, equivalent to $6

• Solid waste user fees of 0.6%, equivalent to $1

• This equals an annual increase of $158 or roughly $13 per month in taxes and fees for a typical household.

The provisional plan incorporates investments into the community, public safety, economic development, good governance and effective service delivery. Some highlights include:

• $19 million in funding over the next five years for pedestrian and cycling safety improvements.

• Funding to support Council's priorities including a review of the Official Community Plan, update to Nanaimo's Community Sustainability Action Plan and a waterway and watercourse restoration and enhancement project.

• Funding for new amenities including construction of the Harewood Youth Park, the replacement of Fire Station #1 and the Metral Drive Complete Street project.

The provisional plan will be adopted at the January 13, 2020 Regular Council meeting. For more information on the budget, visit www.nanaimo.ca/goto/budget and check out the Quick Facts attached to this news release.

Link to Strategic Plan: The 2020-2024 Provisional Financial Plan supports Governance Excellence through a number of new initiatives and additions to staffing levels to ensure effective service delivery to residents.

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