The City of Terrace has reduced the proposed tax increase to 4.5 percent from 7.4 percent. This decision is aimed at assisting businesses and residents impacted by the Covid-19 pandemic.
A decrease of 2.9%, this lower rate was introduced as an amendment to the City’s provisional 2020–2024 Financial Plan and was adopted at the April 23 Budget Meeting.
“Since we adopted our provisional budget earlier this year, the whole world has changed. We know that everybody is struggling right now in one way or another and we were determined to find ways to support our community. Council directed staff to reduce the increase and we have achieved that,” said Mayor Carol Leclerc.
In order to achieve this reduction, Council approved the use of $350,000 of the Northern Capital and Planning Grant reserve to fund a portion of the Munroe St. reconstruction project. That project was previously funded by gaming revenue, now gaming funds will be freed up for use in operations for 2020.
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