New Westminster is aiming for a tax increase of two per cent or less.
Staff returned to council chamber Monday for the second part of their presentation on the 2014 to 2018 financial plan, which includes this year’s budget. Last week, staff presented council with a base budget that proposed a 1.28 per cent increase to this year’s property taxes, as well as some additional priority items that would bring it to 2.59 per cent.
In the past week, staff reworked some of the numbers in the budget, and incorporated a $150,000 contribution to the city’s affordable housing fund that had been inadvertently omitted and spotted by Coun. Jonathan Cote. Once the adjustments were made, the proposed tax increase for 2014 was 2.12 per cent.
Cote told staff Monday that he thinks the city is “almost there” but would like to see the increase held to two per cent or lower.
Mayor Wayne Wright suggested that revenue from digital signage may be one place to look for funds that would allow the increase to be further reduced. Gary Holowatiuk, the city’s director of finance and information technology, said the “additional bonus payment” associated with digital signage may provide an opportunity to reduce the budget.
“The lower we can get, the better,” said Coun. Betty McIntosh.
Staff will report back to council on additional changes made to this year’s proposed budget.
