City continues to "inform" us using the taxpayers own money.

Once again and this time during the Alternate Approval Process period the City of Vernon, The Okanagan Regional Library and the RCMP have teamed up to spend taxpayers money on an Advertisement in Wednesday's Morningstar. (Page A7) and this morning on Page A21.

The ads are the City's way of asking people that they be "informed" on the purpose of the borrowing bylaw for the Library/Civic Complex.

They purport to give accurate information about the cost to the average homeowner of $38 per year for 25 years if the long term financing option is allowed to proceed or $160 for the same average homeowner if cash financing from existing reserves and surpluses is used for each of the next 4 years.

These 'average' costs figures are based on an average property value of $289,509 and estimated potential income of $618,775 per year from various rentals. These average costs figures can only be met if these income or revenues are actually realized, are new revenues, and are applied each year for 25 years to the sinking fund for this project. (5% financing with a 4% sinker is assumed by the City)

Actually the City's taxation for the 4 year plan using their own residential levy rate of .7452 per thousand on the average house valued at $259,509 is $215.74 not $159.56.($160)

This correction would help the City to pursuade you that is better to pay $38 per year for 25 years rather than $215 per year for 4 years. Naturally this ignores the fact that the $618,775 of rental income( if amount is correct) would continue to flow in and would amount to a reduction in taxes for the average house over the next 21 years.
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Look at your 2007 Tax Information sheet. This same $289,509 property paid General Municipal taxes of $672.78. A $38 per year increase is a 5.64% increase.

Previous Posts on this Issue
The Gang who Couldn't Shoot Straight strikes again. *Propaganda Campaign using taxpayers dollars continues.
"Please make sure you inform yourself on the purpose of the borrowing bylaw"
The Gang who Couldn't Shoot Straight strikes again