By Abigail Popple, Local Journalism Initiative Reporter, RMG
The Village of Valemount’s Five-Year Financial Plan is open for public comment until April 18th. The plan proposes a tax increase of 5.5 per cent for the 2024 budget year.
In accordance with the Local Government Act and the Community Charter, local governments must annually adopt a financial plan that encompasses the current fiscal year and the following four fiscal years – five years total. It includes proposed expenditures, expected revenues, and policies for taxation and the distribution of funds.
For the fiscal year of 2024, the plan anticipates just under $13M in expenditures for the general budget. Grant revenue will cover the majority of this cost, with just under $8M anticipated. The remainder will be paid for through taxes, rentals, and user fees, along with fees for obtaining licences and permits.
The proposed 2024 tax ratios for residential property owners are slightly higher than 2023, rising from 2.575 to 2.722. Tax ratios are used to calculate the amount one owes in property tax by multiplying the assessed value of a property by the taxing authority’s set tax ratio – so, a higher tax ratio equates to higher taxes.
The tax ratio for recreational buildings rises dramatically from 2023. Last year, the ratio was 0.985, but the proposed ratio is 7.120 – over a 700 per cent increase.
The Plan is available for review within the March 26th Village Council meeting agenda. Comments can be sent to Director of Finance Lori McNee at [email protected].
Comments will be provided to Council for them to review before the proposed Plan is read at their April 23rd meeting.
The Goat reached out to McNee and CAO Anne Yanciw, but did not receive a comment by presstime.
