The City of Burnaby has released a budget planning document that shows all of the property tax hikes being considered during the 2022-2026 period.
And the city is looking for your input on it by Dec. 10 so council can review the feedback and then vote on the plan.
The 2022-2026 financial plan includes a 2.95% or a $54 property tax increase for a residential property assessed at $1,227,084 and an $836 property tax increase for a business assessed at $5,747,236, said the city. As well, the plan includes a 2.0% increase for waterworks utility and 2% increase for the sanitary sewer fund.
The city has outlined a number of reasons for why costs are rising.
“The property tax increase of 2.95% reflects the higher-than-anticipated RCMP collective agreement settlement, in addition to other inflationary impacts, while maintaining core services and programs,” says a city statement. “As the COVID-19 pandemic continues to cause uncertainty and challenges, staff continue to ensure the city follows provincial health orders while monitoring financial implications. In combination with the challenges caused by COVID-19, the city is experiencing high inflation, which experts are predicting may go beyond 2022. These circumstances, along with supply chain disruptions and other cost escalations will need to be managed operationally and financially in the coming years to ensure their impacts are mitigated.”
The city’s total expenditure budget, which includes both operating and capital activities, for 2022 is $878.3 million, said the city. The 2022 operating expenditure budget is $585.1 million.
For the future years of 2023 to 2026, the city’s plan incorporates a property tax rate increase of approximately 4% per year.
“The proposed property tax rate increases take into account the operations of new or expanded facilities and associated services and programming requirements,” the city said.
Burnaby is currently building a new ice arena in South Burnaby, purchased what is now the Christine Sinclair Community Centre, and has plans to replace the Cameron Recreation Centre with a new library and aquatics facility, and expand the rec centre at Confederation Park.
The city said the 2% rate increase for each of the waterworks utility and the sanitary sewer fund are “mainly driven” by Metro Vancouver, which provides water and sewer services.
“Through the use of reserves, the city is able to manage such a rate increase, even though Metro Vancouver increases are significantly higher, thereby providing relief to the tax payers,” said the city statement.
The capital funding allocated to transportation, major civic buildings, development, infrastructure, community safety and recreational facilities in the 2022-2026 Financial Plan is $293.2 million for the 2022 fiscal year, representing 33.4% of the consolidated budget.
The public is invited to give feedback at Burnaby.ca/FinancialPlan, where people can find out more details of the plan.
