City invites public submissions on proposed Five Year Financial Plan

Public input is now being accepted regarding the proposed City of Cranbrook 2014 – 2018 Five Year Financial Plan.

The average general municipal property tax increase (excluding school and other non-city taxes) for taxpayers is projected to be about 3.37% or about $23.80 per $100,000 of assessed value for residential property unless city council chooses to change the distribution of property taxes.

The one per cent dedicated Road Improvement Tax equates to about $7.07 per $100,000 of assessed value for residential property in 2014. The combined 2014 General Municipal Property Tax increase is 4.37% or $30.87 per $100,000 of assessed value.

Influencing the 4.37% tax increase for 2014 are several factors, including the one per cent dedicated Road Improvement Tax, the 3.4% contribution to the Recapitalization Reserve, a 3.5% increase in the RCMP contract, negotiated staff wage increases, and increased costs to materials and outside contractors.

“Council needs to hear your views on the budget and the proposed increase to property taxes, particularly if you have ideas on how the city can reduce costs or raise revenues,” says Mayor Wayne Stetski.

For a home in Cranbrook with an assessed value of $300,000, the projected 2014 General Municipal Property Taxes will be about $2,212 before the Home Owner Grant (or $6.06/day) for all municipal services.

For an average home in Cranbrook, the projected 2014 utility and parcel tax fee will be about $876 (or $2.40/day).

Copies of the proposed 2014 – 2018 Five Year Financial Plan are available for pick up at City Hall or for download from the City website – www.cranbrook.ca and click on ‘Annual Reports’ under City of Cranbrook Links.

Written submissions regarding the proposed financial plan are invited from the public and must be received at City Hall by 4 p.m., Friday March 7. Written submissions will be considered by council at a special meeting on Tuesday, March 11.

City of Cranbrook

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