TAYLOR, B.C. – The District of Taylor is proposing a 33 percent drop in the property tax rates and a commercial rate drop of 95 percent for 2020.
During a public meeting streamed on Facebook Monday evening, Council and District staff presented their 2020 budget. The budget includes operating revenues of $6.7 million and a capital budget of just under $1.3 million. The District plans to spend $5.6 million on operating expenditures and $1.8 million on capital projects.
Overall the budget will see a decrease of $2.2 million in revenue compared to 2019.
Tax rates for almost all properties in the District of Taylor will drop by approximately 33 percent, but commercial taxes will drop from 5.5436 percent to .02777 percent, a drop of 95 percent.
Mayor Fraser said during the meeting, Council felt it was important to put our commercial taxes as low as possible.
“These are the businesses that support all of the activities in the community. We wanted to do our level best to show we care about them as businesses.”
To reduce operating expenses, staff have been laid off, and other staff are working reduced hours, saving the District $630,000 over the rest of 2020.
Staff and Councillors have said they hope to return to a normal operating can capital budgets in 2021.
The District expects the following changes to revenue:
The budget will receive final adoption by Council on May 11, 2020. Watch the full public meeting and download a copy of the budget below.
District Staff also noted that the District’s Financial plan can be amended later in the year so the District can respond as needed to the COVID-19 pandemic.
Staff propose to prepare monthly financial summary reports, or more frequently as required, to Council to outline the District’s operational and financial status, and to recommend financial changes when necessary.