2015 proposed budget

Council has been discussing and deliberating the proposed Financial Plan for the past few months and have developed a draft 2015 budget that helps support their draft strategic priorities. 

Based on the latest draft of the 2015 - 2019 Financial Plan Report, a 3.6% increase in revenues from property taxes is needed.   

Changes to the 2015 budget focus on supporting these priorities:

• Improving public engagement and communications tools and capacity.
• Improving our infrastructure (water, sewer, roads etc.)
• Improving capacity to address development and growth.
• Improving efficiency with the use of technology.
• Improving pedestrian and cycling infrastructure and safe routes to school.

Highlights of the proposed budget include:

• Distribution of Legacy funds and community amenity contributions to:
  • Hendrickson field lighting
  • Olympic Legacy Trail
  • Squamish Legacy Sports Park – Paving the Roller Ski Trail
  • Howe Sound Curling Club ice plant upgrade
• Climbing Boulder Downtown
• Smoke Bluff natural playground
• Arena slab replacement project 2015-2016
• Funding for the Haste BC Program and safe routes to schools initiatives
• Continued improvements to bicycle and pedestrian routes
• Entrance and way-finding signage
• Extension of library hours
• Flood protection planning and dike maintenance
• New emergency management service contracts with Squamish Search and Rescue and Canadian Red Cross
• Fire Hall seismic upgrade and fire and search and rescue vehicle replacements
• Official Community Plan review and update
• Solid Waste organic composting program introduced for Squamish residents

HOW IT BREAKS DOWN

The District of Squamish 2015 budget comprises four operating funds. The breakdown of the operating budget is depicted below based on the total operating expenditures for each fund.

 

 

 

HOW DOES THIS AFFECT TAXES

The 3.6% revenue increase will affect property classes differently due to a number of legal and policy caps on other classes. There will be further variation from property to property based on changes in assessed value from one year to the next.

Based on an average single family home in Squamish (calculated as the total assessed value for all single family residences divided by the number of properties) that would result in an estimated 5.1% tax increase over last year.  

The table below provides an example of how the tax change can impact each property class differently. This table compares the average assessment for each class from one year to the next and the associated tax for each average.

The residential tax rate is estimated at 4.996 and all agency rate is estimated at 7.2026 (based on 2014 School tax rates as 2015 is not yet available). Home owners can use the latter rate to estimate the property tax for their property by dividing their 2015 assessed value by 1000 and multiplying the result by 7.2026.

(click graph to view larger)

The following charts shows what a sample property would pay when all other agency taxes and the home owner grant are included. The second table shows the all-in cost of property tax, parcel tax, utility fees on that same property. All of these costs will be included on the single Property tax bill this year.

 

UTILITY FEES

• Utility fees for water and sewer will increase 9.5% over 2014.
• Solid waste fees vary depending on garbage tote size but an average tote will be 32.5% increase over 2014. This increase is due to the new waste collection contract that now includes organic waste collection.