Comox residents can expect slight tax increase in 2014
Comox council approved first, second and third reading to the 2014 financial plan, which sees a general tax increase of 1.1 per cent on top of 2013 taxes.
Subsequent years still budget an overall 2.7-per-cent general taxation increase. There will be no tax increase for businesses within the Town this year.
In March, Don Jacquest, director of finance for the Town, stated in his report to council core expenditures are increasing between one and two per cent for 2012.
A two-per-cent increase would mean the Town would have to find $215,000 more revenue.
He also added another critical factor in the financial plan are the Town’s proposed capital expenditures.
In the past, large capital budgets were generally funded around $1 million per year from general revenue (property taxes).
This year, Jacquest said the Town has focused on projects identified in the transportation study, with the total proposed capital expenditures from general revenue are more than $9 million for 2012-2016, averaging more than $1.8 million per year.