By Jennifer Smith - Vernon Morning Star - December 19, 2007
A nine per cent tax increase may be shocking, but Coldstream residents are reminded about what they’re getting for their money. The 2008 proposed budget incorporates a 9.17 per cent general tax increase. That represents approximately $266,000 or $61 per average assessed household. But four per cent of that increase is for the new Coldstream and Lavington Firehalls, which are currently under construction and expected to be completed in the spring. The firehall funds represent debt servicing of $276,000, which come into full effect in 2008, compared to 2007, when only one interest payment was needed from the district. “If you take away the debt for the firehalls you’re looking at just over five per cent, which isn’t too out of line,” said Catherine Lord, director of financial administration.
The entire budget will be available for viewing at an open house Jan. 7 at the Municipal Office from 5 to 7 p.m. The remainder of the reasoning for a tax increase includes: $45,000 inflation factor, $45,000 for the equipment reserve fund, $40,000 increase for the pavement maintenance program, $15,000 for new federal regulations regarding fixed asset tracking and the depreciating of assets and $16,000 for a job evaluation process with CUPE.The budget also includes $2.1 million in projects for 2008, including firehall servicing, cemetery expansion, Kalavista Lagoon improvements and Kidston Road walking path.The sewer fund is also seeking a boost in the budget through a bump in quarterly sewer rates to $142, up from $135 in 2007.
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