Expect a three percent property tax hike this year. Barring any unanticipated backlash or political upset, the District of North Vancouver’s draft financial plan points to an inflation-based tax increase of two percent plus another one percent for “asset renewal.”
The plan, really the district’s proposed budget, was presented to council last month by Andy Wardell, the district’s acting general manager of finance and technology, and Rick Danyluk, manager of financial planning.
The strategic framework for the financial plan starts with a 20-year community vision outlined in the official community plan, Wardell told councillors. The plan is intended to identify the costs and revenue required for funding the priorities that make up the community vision.
“Our ultimate goal is to sustain current levels of services enjoyed by the community,” he said, adding that these services are “major contributors to the standard of living that makes the district a desirable place to live.”
It is key to district policy, Wardell said, that tax increases be limited to the rate of inflation, but that an additional one percent “tax lift” for asset renewal will help ensure the level of service delivery district residents appreciate.
The plan is also intended to ensure that revenues from development permits and associated services cover the costs of those services. Existing fees to residents will rise by the level of inflation under the plan; capital renewal projects total $62.7 million under the plan, including $23 million allocated for completion of the new Delbrook Community Recreation Centre and $11.5 million for the Keith and Montroyal bridges and associated road improvements.
The plan predicts an operating budget of $124.2 million, and $62.7 million in capital projects intended maintain, renew and expand municipal infrastructure.
“This draft financial plan allocates resources in a responsible manner preserving past investments and building towards our community’s future vision,” said the district’s chief administrative officer in the report. “This enables us to respond to development, regional pressures, and climate change while sustaining the levels of service you continue to enjoy.”
Robin Hicks, chair of the audit and finance committee, thanked staff for the presentation and said the district has managed to keep tax rate increases on the low side compared with other jurisdictions in the region.
Council received the plan for information purposes and began a period of public consultation. Deliberations begin April 5.
