Taxpayers in Nanaimo can expect to see a 2.3-per cent tax increase in 2017, thanks to the costs of snow and ice removal, according to the City of Nanaimo.
In a press release issued by the city Friday morning, it said that due to the severe weather this past winter, it’s projected that the snow and ice control expenditures will exceed operating budgets and available reserves for 2017.
The city says significant road repair will need to be completed during the next few years, with the annual operating budget for snow and ice control and road repairs increased to address the situation and contribute to depleted snow removal reserves.
The 2.3-per cent tax increase includes a one-per cent increase directed toward the general asset management reserve.
City council will receive the 2017 property tax rate bylaw, along with staff reports outlining updates and changes to the 2017-21 financial plan, on Wednesday (April 12) at its finance and audit committee meeting.
“City staff are submitting a responsive and responsible 2017 budget proposal for council’s consideration,” said Victor Mema, chief financial officer and deputy city manager, in a press release. “The plan calls for a modest property tax increase that will allow for investments in asset management and efficient service delivery.”
The 2017-21 financial plan and property tax bylaw must be adopted by council before May 15.