The Town of Oliver has adopted its 5-Year Financial Plan Bylaw with a plan to spend a total of $10.5 million in 2018.
Of this total, $4.4 million is dedicated to the general fund, $4.3 million to the water fund, and $1.7 million to the sewer fund.
Chief Financial Officer Devon Wannop says, on average, about 24 per cent of the entire tax bill represents municipal taxes, while the remaining 76 per cent consists of regional district, school, policing and other taxes.
Wannop says the average Oliver residence, based on an assessed value of approximately $349,000, will see municipal taxes increase by $47.51 or $3.96 per month.
Wannop says garbage and recycling rates will stay the same at $110. But sewer user fees and parcel tax rates have been increased by four per cent. Therefore, the 2018 combined annual parcel tax and user fee for a single family home will now be approximately $363.20, which is $13.95 higher than in 2017.
Wannop says the Town’s water utility has incorporated a three per cent increase. Agricultural irrigation rates for a 10-acre property will increase $69.45.
Metered water rates have increased by three per cent in 2018.
The Town has also adopted the Policing Reserve Fund Bylaw that will cover any unexpected expenditures such as a major crime investigation.
Funding the reserve will be established by allocating 50 per cent of the non-market change.
As the Town’s population grows, this reserve can be used for additional policing costs (to prevent spikes in tax rates).
Because the Town is expected to surpass 5,000 population in the next census, it will have to pay 70 per cent of policing costs (expected to be about $900,000 in 2022). As a result, council has approved a nine per cent tax increase to offset these costs.