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:

Highlights of the proposed budget include:

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.

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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)
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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. (Read more about the change to a combined property tax and utility bill.)

 

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UTILITY FEES