Lets lower our business class ratio NOW ! (An open posting for all Vernon Council Members)

TAX DISTRIBUTION POLICY – REVISED (P. 45 ) Agenda Package 1

At this opportunity for new informed debate Council should consider the wording and history proposed in TAX RATIO RESOLUTION posting of Nov.10 . (proposed resolution:)

• With the 3 weeks that have passed Council will have the time to reconsider what they are doing and therefore should consider passing a resolution along the following lines:
• The light industrial class ratio s/b increased to the same ratio that will be charged to the business class. Increases to a different higher ratio can be addressed in the 2008 budget cycle if necessary.
• The industrial ratio s/b increased to the newly recommended 6.2 or originally recommended 6.5 for the 2007 tax year.Increases to a different higher ratio can be addressed in the 2008 budget cycle if necessary.
• The effect of these ratio adjustments s/b revenue neutral and any increased revenue will be applied to reduce the business tax ratio towards council's stated target policy of 2.0.

REMEMBER THAT THE TAXES ON THE NEW CONTROL CENTRE ($21.7 million Building Permit value) (hopefully in 2008) will bring in more than $500,000 per year and if this money was used to reduce business tax ratio's we would see a 9% decrease for this tax class. (ratio from 2.82 to 2.58)!