The District of Coldstream is expected to give first two readings to its five-year financial plan bylaw at its regular meeting Monday, March 8. The plan includes a proposed 1.4 per cent tax hike for residents(Morning Star file photo)

Coldstream proposes small tax hike

Five-year financial plan to be presented at meeting includes 1.4 per cent hike for 2021

Coldstream residents could be looking at adding $35 in additional taxes for municipal purposes this year.

District staff will present council with the five-year financial plan bylaw for 2021-25 at its regular meeting Monday, March 8, and first two readings of the plan are to be considered. If passed, that would bring the proposed budget to the public process.

The operational increase represents a 1.4 per cent potential tax increase, meaning for the average residential property (value of $670,423), the hike equates to about $35.

The operational budget was first presented on Jan. 18 at the finance committee meeting, but director of financial administration Pat Higgins said certain revenue and expense amounts have been refined as more accurate information has come available since first presented.

The capital budget was also presented to council who authorized the 2021-25 capital projects be included in the five-year financial plan, though $40,000 for a sprinkler protection unit was taken out.

All capital projects will be funded through grants, reserves and debt.

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