District makes fiscal progress

Council adopts Five Year Financial Plan and 2011 Tax Rate Bylaws

  • May. 25, 2011 10:00 a.m.

 

The District of Sooke Council adopted its Five-Year Financial Plan (2011 – 2015) and its 2011 Tax Rates Bylaws on May 9, 2011.

The Financial Plan is founded upon council’s seven strategic goals:

1. Well Planned, Sustainable Community

• $7,500 funding for the development of an Agricultural Plan

• $20,000 funding for the development of a Downtown Parking Plan

• $75,000 funding for the development of a Solid Waste Management Plan

• A further $20,000 funding for the completion of the Zoning Bylaw review

• $5,000 funding for the development of a Affordable Housing strategy

2. Responsible Stewardship of the Environment

• $350,000 funding for the installation of a round-about on Sooke Road to reduce vehicle idling and green house gas emission

3. Proactive Improved Infrastructure

• $135,000 to resurface Maple Avenue to be performed in conjunction with Capital Regional District Water Department’s water main upgrade

• $50,000 for culvert replacement

• $22,700 for installation of new public garbage receptacles, street lighting and glass transit shelters

• $2,980,000 funding for the construction of an alternative connector road from Phillips Road to Charters Road

4. Diverse and Vibrant Local Economy

• $5,000 funding for the establishment of a community radio

• $10,000 funding for District of Sooke hosted conventions

• $35,000 funding for promoting and marketing the Sooke region in conjunction with Rogers’ Sportsnet

5. Sustainable Financial Management

•Establishment of the Capital Asset Replacement Reserve matches the district’s needs for investment in capital with available financial resources and to minimize borrowing.

The Financial Plan bylaw has a requirement to generate $6,124,644 in municipal property taxes to balance the general operating fund. It is estimated that the average residential property tax increase would be 2.99 per cent for municipal operations only.

The Tax Rate Bylaw proposes that the average residential property with an assessment of $371,649 will pay $2,304 (2010 – $2,249) in property taxes which equates to an annual increase of $35 (2010 – $46) related to the municipal portion of the taxes.

For more information, contact:

Sue-Lin Tarnowski, Director of Finance

District of Sooke

tel: (250) 642-1634

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