Finance and Audit Looks at Initial Tax Options
Prince George, B.C.- The Finance and Audit committee for the City of Prince George has taken its first look at possible tax rates for 2015.
There are still a couple of factors that will need to be finalized before any final decision is made on the tax rate.There is the matter of revisiting the budget, Mayor Lyn Hall is asking his fellow committee members if there is any interest in “re-jigging” the budget. Those changes could have implications on the tax rate if any possible changes increase or decrease the overall revenue needed. It is possible there will be a special budget meeting of Council in early March to take another look at the budget that was put together by the previous Mayor and council.
Some members of the previous council had favoured a budget scenario that would hold the increase in needed revenue to 1.87% . While staff under the previous administration had been instructed to present such a scenario, that instruction was not followed, and a 2.5% scenario was presented.
Then there is the final report from BC Assessment which will let City Hall know the final, total value of all properties in the city. Tax rates are based on property values That BC Assessment final report is not available until the end of March so it won’t be clear how to split up the tax pie until the final numbers are in.
Three options were presented to the Finance and Audit committee for consideration although at this point, the options are examples of the possibilities, “The three options are there so you can look at how we could set tax rates” said Chris Dalio Manager of Financial Services.
There are still several steps that need to be taken before there is any decision on the rate.