Council adopts 2013-2017 financial plan

NANAIMO – Taxpayers on the hook for more than half of $175-million 2013 budget.

Council adopted the 2013-2017 financial plan Monday, which includes the city’s $175-million 2013 budget.

Almost $90 million of that will come from Nanaimo property owners.

The move will allow city departments to operate under the current budget but will still allow for council to make adjustments, including service cuts or additions, up until it is passed into legislation in mid May.

There is still an opportunity for residential tax rate increase, currently set at 3.3 per cent, to change during council’s budget deliberations that will continue into April. That includes a one per cent increase for each of the next five years to address funding for asset management and infrastructure needs.

The overall blended tax rate increase for all nine property categories is currently 2.6 per cent.