The numbers have been further crunched and Sicamous is now looking at a 3.5 per cent tax increase.
At the Feb. 28 Select Finance Committee meeting, chief financial officer Bianca Colonna presented the reworked budget, which had previously been set at 3.3 per cent in January.
“There were discussions last finance meeting about potentially increasing what we put to capital, which we haven’t done for the last few years,” she explained. “So, looking where we’re sitting at… I’m proposing a five per cent increase to our transfers in reserves.”
That equates to $31,000 and an additional 0.61 per cent increase to the tax rate, but Colonna added that prior year supplementals (increased revenue) of $17,123 offset that to a minimal 0.27 per cent change to taxes.
In her report, she also noted the tax increases of other Okanagan-Shuswap communities, including Salmon Arm at 5.59 per cent, Revelstoke at five, Kelowna 4.75 and Osoyoos topping them all with 37 per cent.
“Job well done,” Coun. Malcolm Makayev told Colonna. “3.52 is cheaper than anybody anywhere that I’ve seen.”
The rest of council echoed that appreciation at her work in keeping the local increase modest.
“I was just looking at that Osoyoos 37 per cent and realizing that it’s better to march the ball up the field like we’re doing,” Coun. Bob Evans said. “Necessary increments rather than delay it and then, sticker shock scaring the tar out of everybody…”
The next steps in the budget process will be to set the 2024 utility rates and discuss the service agreements with the Shuswap Trail Alliance and Sicamous & District Chamber of Commerce. Adoption of the financial plan is scheduled for the April 10 council meeting, followed by the adoption of tax rates on May 8.
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