Cuts won't apply to capital works

Saturday, 07 January 2012 18:00 Ron Seymour Daily Courier:
 Though the City of Kelowna's 2012 provisional budget forecasts a municipal tax cut, capital project spending is actually forecast to be higher than last year.  A total of $48.5 million in capital projects is budgeted this year, compared to $46.8 million in 2011. However, the share of total costs funded directly by taxation will drop slightly - to 32 per cent from 35 - with a somewhat higher percentage coming from reserves, borrowing, government grants and developer charges. "The 2012 financial plan has tightened cost controls on operating budgets while maintaining capital spending to support asset preservation and transportation initiatives," city manager Ron Mattiussi says. The provisional budget projects a municipal tax cut of .04 per cent, which means the owner of a typical home assessed at about $500,000 would pay approximately $1,717, the same as last year. (This figure does not include levies from the school board, regional district and other taxing agencies, all of which generally double the total tax bill for homeowners. (more)