The District of Lake Country has approved its latest budget.
After council’s deliberation Feb. 20, the approval of Lake Country’s 2018 Operating and Capital Budget – along with a five-year financial plan – will result in a 3.5 percent tax increase, which equates to approximately $76 to an average single-family home (valued at $656,000 for 2018), said the district.
Based on BC Assessment roll figures and adjustments for renewal of farm status on some properties, the tax base is estimated to have increased by 4.6 percent, said the district.
The district’s total operating budget for 2018 is $19.3 million, with $12.2 million raised through property taxes, $2.1 million from parcel taxes and $5 million from fees and charges.
The total capital spending forecast is $22.8 million ($14 million in new capital projects and $8.8 in carry-forward projects) with offsetting funding from reserves, developer contributions and potential grant funding, said the district.
A pool and fitness centre study of $50,000 was also moved to the 2019 financial budget, said Mayor James Baker.
The top capital projects approved for 2018 are:
• Glenmore Road Improvements ($750,000 carryforward funded from Road Reserve and DCC)
• Fire Vehicle ($245,879 carryforward from 2017 funded from Fire Reserve)
• Eldorado Treated Water Reservoir ($4,136,963 2017 carryforward from Grant funding and Water DCC)
• Reimche Road Bridge Replacement ($414,366 carryforward from 2017 funded from Capital Works Reserve)
• Swalwell Skate Park ($125,378 carryforward funded from Capital Works Reserve and Parks DCCs)
• Rail Trail construction ($1.1 million carryforward from 2017 funded from contributions)
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