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After full-day deliberations on Thursday, Kelowna city council has approved the 2023 preliminary budget.
The City says it focuses on maintaining and expanding critical infrastructure for British Columbia’s fastest-growing city, along with directing funding to the highest needs of the community.
“On the heels of a pandemic and significant global economic change, our organization remains strong,” said City Manager Doug Gilchrist, who noted that each budget comes with its own unique challenges.
“While our pandemic recovery has been top-of-mind, the city’s growth and community priorities continue to heavily influence our financial decisions.”
Council has approved the proposed 3.8% increase for property taxes, which is around $86.88 annually, or $7.24 per month, for the average value single-detached home in Kelowna.
The increase includes the introduction of a 1% public safety levy to fund the addition of six new RCMP members, four new firefighters and four new bylaw officers.
Gilchrist says that each year the City is tasked with balancing the community’s interest in maintaining existing levels of services while planning for significant infrastructure needs.
“With recent global economic challenges, this budget focuses on financial prudence amid inflation and growth to keep the tax rate as low as possible,” he explained.
“The public safety levy will provide a dedicated and predictable ongoing funding source for one of our highest community priorities.”
There’s also a significant investment planned in transportation projects, with $25.4 million earmarked for the following:
- $7.9 million for active transportation networks.
- $6.2 million for land acquisition to support the future extension of Sutherland in the Landmark area.
- $4.5 million in transportation infrastructure renewal.
- $3.3 million for road improvements on the Stewart Road West corridor.
- $1.2 million for upgrades and expansion of the Okanagan College Transit Exchange.
Other investment priorities for the City include social wellness, building capacity, a housing needs assessment and digital transformation.
The total preliminary budget is $528.6 million with a gross taxation demand of $175.1 million.
“Our secure financial position and fiscal innovation has served us well, enabling us to respond, adapt and rescale where necessary,” noted Gilchrist.
“Based on the average home price for similar cities in BC, Kelowna’s property taxes are expected to remain in the mid-range.”
Carryover requests will be presented to council in March and the final tax demand will be decided by council in April.
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