Coldstream Fire Halls Financed through Property Tax full Levy . Alternatives available not attractive

Coldstream Finance Meeting Minutes

Apparently Coldstream Council rejected a parcel tax as a means of taxing its Citizens for the $295,000 per year debt financing for the next 25 years for the new fire halls. Coldtream's Council has decided to fund this money with a tax on both land and improvements as this was the only option available to them when the parcel tax idea was turned down. Coldtream had hoped to have an improvements only tax levy (Buildings assessment taxed not - Land excluded) but this option was not available under the Community Charter. Vernon's fire operations are financed through an improvement only tax levy and the difference seems to be that Debt Financing (Coldstream Case) is different from yearly operational costs. (Vernon Case). Vernon's decision to build up reserves for fire equipment appears to be a good use of reserves so the tax on improvements only can be maintained. Hopefully Vernon won't have to finance Fire Halls in the future and have to go to Debt Financing and have to levy a full assessment levy on Land and Buildings.