5.07% Residential Tax increased proposed at COW MEEETING !

With 1 councilor and the Mayor Absent the Financial Manager Kevin Bertles proposed a 5.07% tax increase this morning. He said that there would be a $37.67 tax increase on the projected average house which will be valued at $380,000.

The new Library/Civic complex is not included in these calculations and if passed would up the potential tax increase. Referendum projected costs are included in the 2008 budget. I guess the current advertising costs for this project will simply reduced the operating surplus that will come from 2007.

This is a staff budget at this point and after an initial go around that will be finished after this afternoon's council session it will probably be turned over for detailed examination at future special COW or Finance Committee meetings.

No doubt the Councillors may have some special 'flavour of the day projects' that they will attempt to raise this % age increase and some budgetary cuts that may decrease it.

The apparent business tax ratio that falls out of the preliminary assessment figures has not been revealed yet.