City taxpayers face 2.88% tax levy increase
City of Cranbrook council Jan. 6 unanimously passed the first three readings of the city’s 2020-2024 Five Year Financial Plan, setting the table for approval of this year’s budget.
Included in the plan is the proposed tax levy increase for 2020 of 2.88%. That includes a 1.88% general tax levy increase and one per cent for the annual Dedicated Road Tax.
Each year, under Section 165 and 166 of the Community Charter, the city must develop a five-year financial plan and undertake a public consultation process before the plan is adopted. Public budget meetings were held in October and November 2019.
At the time this report was prepared, these are the results of the public consultation: there were two information packages picked up at City Hall; 17 copies of the package were downloaded from the city website; the information package was viewed online 240 times; and
one formal written submission was received by the deadline, including a stated need for more skunk control.
The projected tax levy increases for 2021 through 2024 are: 2021 – 2.77%; 2022 – 3.68%; 2023 – 2.76%; 2024 – 1.56%.