Agenda Package
Below is a copy of an e-mail that I sent to the Finance Chair, Coun Nichol and it has been put on this Monday's agenda as part of the 2008 budget process:
"I think the budget process was the best I ever have seen. However the Council stumbled towards the end and blew it. The decision to lower the business tax ratio from 3.03 to 2.75 was defensible and I don't object to it BUT it should have been accomplished without resorting to raising an additional $275,000 from the residential class. There was plenty of money in the estimated 2006 surplus of $700,000 at the time and especially the actual surplus of $1,554,000 that could have been used to maintain the residential class to a 2% hike while decreasing the business class tax contribution by 6%.
I understand the surplus was put into temporary reserves pending a review of all reserves etc. I would urge you to transfer at least $275,000 to a residential taxpayers tax Equalization Reserve. Hopefully this would be used in 2008 to lower residential taxes and correct this oversight of 2007. Thanks in advance for your consideration of this proposal. "
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