Council concludes provisional budget review

http://www.kelowna.ca/iNews/scripts/nws002.cfm?News_ID=3200

2013 tax increase of 2.58 per cent

Kelowna City Council reviewed the provisional budget submitted by staff Monday, setting a tax increase of 2.58 per cent for 2013. Council sets the tax rate requirement after reviewing the 2013 Financial Plan to determine which projects to fund and which projects to defer or cancel. A final budget document will be presented to Council in May, after carryover items from 2012 are calculated. The 2.58 per cent tax increase works out to a $42.43 increase in 2013 for the owner of an average $454,000 home. Proposed operating expenditures for 2013 of $101.6 million include the addition of four new RCMP members and maintaining core services. Total capital project funding for 2013 is $89.7 million. The general fund capital program includes projects such Phase 2 of Bernard Avenue revitalization and Stuart Park Phase 2.