$80 million could be spent on an arena
without increasing taxes
But after some cold weather
taxes had to go up 2.3%
At the April 12 Finance and Audit Committee meeting City Council will receive the 2017 Property Tax Rates bylaw along with staff reports outlining the updates and changes. The tax rates are being increased from a 1.5% to 2.3% property tax increase.
Severe winter weather is being blamed for the increase from 1.5% to 2.3% as the snow and ice control expenses exceed operating budgets and available reserves for 2017 according to CFO Mr. Mema.
It is said the projected 2.3% property tax increase includes a 1% increase directed towards the General Asset Management Reserve.