Budget relies on property taxes

To get a true measure of the tax base difficulties faced by the District of Lake Country, it is helpful to take a look at the budget plan.

To get a true measure of the tax base difficulties faced by the District of Lake Country, it is helpful to take a look at the budget plan presented by district staff at the May 1 council meeting.

Stephen Banmen presented a series of charts detailing what was referred to as the “weak” position of the Lake Country tax base and its disproportionate reliance on residential property tax to fund district services.

The information was necessary for council to receive prior to the special council meeting on May 8 to adopt a financial plan for 2012 to 2016.

Some of the details in the proposed budget bylaw include a breakdown of the tax base.

Property tax is the largest share of the tax base representing 32 per cent of the revenue for Lake Country.

A full 86 per cent of that, or $7.5million, is from residential taxes.

Light industry makes up two per cent of the tax base while farmland contributes 0.1 per cent of district tax revenue or $6,517 this year.

The remaining tax base in Lake Country is made up of 26 per cent fees and charges and 20 per cent from other revenue.

Transfers from other reserves were a total of 13 per cent of this year’s revenue.

The full text of the bylaw and the details of Lake Country’s tax base can be found at the www.lakecountry.bc.ca website. Look under the agendas section and the council agenda dated May 8, 2012.