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The city has formally approved the 2024 budget.
During the Monday afternoon meeting, councillors adopted its first financial plan under a new “service-based” budgeting model.
According to the city, this is meant to promote a more transparent and strategic approach to resource allocation, leading to more efficient decision making, improved outcomes and better use of resources.
"The adoption of service-based budgeting underscores our dedication to digital transformation and leveraging data-driven insights for decision making,” said City Manager Doug Gilchrist.
“This approach aligns with our commitment to public progress reporting and also ensures optimal resource allocation for the greatest community impact."
Kelowna council approved the $562M preliminary budget with a tax rate of 4.75% in December.
That tax rate dipped a bit to 4.72% when adopted on Monday.
Photo Credit: City of Kelowna file picture
That results in an additional $112 per year or $9.33 a month for the average residential property tax bill.
Of the total $954.9 million total budget, the 2024 taxation revenue accounts for about 22% or $191.1 million.
Other revenue streams that fund the budget include grants, reserves and user fees, says a news release from the city.
A news release says the airport, water utility, parking and solid waste services are all self-funded and do not impact taxation.
“As stewards of public funds, active financial management isn't just a strategy; it's a responsibility,” added Gilchrist. "We remain committed to finding alternative funding sources to keep the tax rate as low as possible while delivering the services our community needs and expects both now and in the future.”
Accounting for about one third of the operating budget, the city says community safety continues to be a top investment priority. Additional key investment areas include:
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Advancing Social Development to address homelessness and outdoor sheltering response.
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Keeping Kelowna moving by investing in more transit infrastructure and prioritizing sustainable transportation and shared mobility.
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Addressing the impacts of climate change by investing in proactive ways to tackle wildfire and flood mitigation, as well as introducing a new home energy retrofit support service, incentives for low-carbon transportation and buildings, and initiatives to enhance the urban tree canopy.
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Improving how citizens do business with the City through digital transformation strategies that leverage technology to create more access and efficiency for residents and businesses.
Tax bills will be distributed in late May and property taxes are due by July 2.
The city reminds all residents that any late payments are subject to a penalty of 10%.
Residents can pay their property tax with cash, cheque, debit and online banking and credit card.
The city also reminds all residents that property owners are reminded that the Homeowner Grant program is now provided through the Province of BC. To apply for a retroactive or new grant visit this link.
For more information on paying your property tax bills, head on over to this link.
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