Cranbrook, BC (February 26, 2016) -- On Tuesday, February 23rd, 2016, the City of Cranbrook released the Proposed 2016 – 2020 Five Year Financial Plan Information Package.
Council is inviting the public to review the Information Package and submit their written comments, by Monday, March 7, 2016 at 4:00 pm. The written comments received by the deadline, will be considered by Council at a Special Meeting on Thursday, March 10, 2016 at 4:30pm.
TAX LEVY – the amount of property tax revenue the City must raise to provide services to the level prescribed by Council. This amount is calculated after taking into account all other sources of revenue – including sale of services, user fees, and grants.
2016 Tax Levy Increase – 2.59%
- Road Dedicated Tax 1.00%
- General municipal levy 1.59%
PROPERTY ASSESSMENT – property value assessments are prepared by BC Assessment and are mailed to homeowners in January. In 2016, the average assessed value for a residential property in Cranbrook is $269,000.
The projected municipal taxes for an average home will be approximately $2,057, or $5.64 per day for all municipal services before the Provincial Home Owner Grant.
2016 $ 15,616,260
2017 $ 18,733,405
2018 $ 17,816,038
2019 $ 9,932,505
2020 $ 41,473,831
The 2016 budget includes $4,072,280 for the capital roads program. 2017 through 2020 will see another $28,675,779 in capital roads projects (pending approval to borrow $10,000,000 in 2017).
Details of the 2016 capital roads program, pending firm construction pricing and other considerations, will be published at a later date.
Please use the link to download the 2016 – 2020 Five Year Financial Plan Information Package. You can also pick up a hard copy at the front desk at City Hall, open Monday – Friday 8:30 am to 4:30 pm.