Parksville property owners can expect a 6.6 per cent jump in their municipal tax bill this year.
Council approved the 2024-2028 amended financial plan during at its April 29 meeting.
The updated plan includes council resolutions, new funding and updated information received since the adoption of the financial plan.
The city’s estimated annual increase for the average residential taxpayer is $164, according to a report by Jedha Holmes, director of finance.
Water utility rates are up five per cent ($15), sewer utility rates increased by three per cent ($6) and solid waste fees are four per cent higher ($7).
Parksville property owners will also see increases in taxes paid for Vancouver Island Regional Library ($18), the Regional District of Nanaimo ($5), RDN Northern Community Wastewater ($40) and Nanaimo Regional Hospital District ($75).
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The financial plan sets out the financial requirements and provides the legal authority needed for city departments to expend funds for operations and capital projects for the next five years, according to Holmes’s report.
Without council approval of the plan, many expenditures would be delayed or halted due to insufficient budgets, affecting operations, existing service levels and capital projects, Holmes’ report said.
The Community Charter requires that the municipality adopt a five-year financial plan for the current year plus four more years by May 15 each year.
The tax rates will be applied to the city’s 2024 assessed property values of approximately $5.74 billion to generate $18.7 million in property tax revenue, an increase of $1.43 million over 2023.