ANSWER: You make a mistake at the Finance Committee and pass a recommendation resolution using the wrong terminology and this resolution is passed in the same form at the City Council by a 6-1 vote.
The following resolution from the finance committee (Passed by a 2-0 vote) was reconfirmed at the Oct 23 council meeting by a 6-1 vote
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This resolution calling for a TAX RATE change rather than a TAX RATIO change or even a less precise term used in the original report of Tax Multiple caused the Council to in effect give a further and better tax holiday to these two classes of taxpayer. I am sure some of the affected taxpayers such as Okanagan Springs, B.C. Hydro and even the Morningstar newspaper itself will be relieved that their taxes will be going down not up. (That is if they read the upcoming Moringstar and their financial reporting expert realizes the implications of the resolution actually passed !) (There are big numbers involved, so don't count on it.)
Council will regroup in 3 weeks on Nov 13 and rescind (sic) this motion that specifies RATES and hopefully pass the correct resolution on RATIOS. This 3 weeks of reflection will also give them an opportunity to consider whether the RATIO adjustment should be put in immediately for the Utilities Class as they are already in effect getting almost 8 months notice re next years taxes.(This is after enjoying at least 10 years at unusually low rates)
1 comment:
When will this council own up and admit that they do not understand half the financial matters put in front of them -is honesty like saying I do not understand too much to ask for !
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