City of Penticton to decrease residential property taxes
Penticton, B.C. –    At a time when many municipalities across North America have been faced with massive budged deficits forcing them to raise property taxes, Penticton City Council has passed a budget which will see it’s residential property tax rate reduced.    On Monday, Council passed a budget, which includes a 0.5% reduction of residential property taxes on 2010 levels, while the City will see total expenditures decrease by more than $700,000 in 2011.    This translates into a savings of $3.00 per household with all core services maintained at 2010 levels.  “I am very proud of the work we have done here in Penticton, and that our council has been able to return tax dollars to residents while most municipalities across North America are asking for more” said Mayor Dan Ashton. “As part of the 2011 budget process, the City identified a number of areas that needed to be addressed as part of the structural deficit. These included cost savings and efficiencies across all levels. We have achieved a lot in the past few months including reaching budget on the South Okanagan Events Centre, and most recently a significant agreement with CUPE Local 608. Achieving greater efficiency enables Penticton to be one of very few municipalities in North America to reduce property taxes in 2011”.  The agreement the City has struck with its 178 employees represented by CUPE Local 608 will save a minimum of $394,000 over the next four years while reductions in management staff is reflected throughout the budget.    The total budget for Penticton for 2011 is $53.8 million, which is a decrease of $714,000 from 2010. “This is just the tip of the iceberg for Penticton,” added Mayor Ashton.    “We are working to diversify our economy in the City, to create high paying jobs in the correctional fields as well as in higher education through an expanded Okanagan College. We will continue to work with community stakeholders to grow the economy and ideally reduce the tax burden on residents in future years”.  For more information on the City of Penticton visit: www.penticton.ca.