Terrace residents will officially be seeing a 10.33% municipal property tax increase, marking the highest to date.
Approved in council last night, residential homeowners will be paying $4.27 per $1,000 in assessed value, while business owners will be paying $22.56 per $1,000.
Along with that, council approved an amendment to the 2023 capital plan to include additional funding that’s been received for projects like ferry island improvements and the Kerr-Rotary park completion.
It was overall a good financial night for council as they received news of a surplus in their 2022 financial report.
Many budget variances contributed to the $1,068,103 general fund surplus, like higher than expected revenues from the aquatic centre, increased payments in lieu of taxes, tax penalties, and an increase in lease revenue at the same time as a contract decrease for the RCMP.
For the year ahead, the city has a total budget of $33.2 million, which 70 percent of will be covered by property taxes.
Comments