Proposed Trust Budget increase dropped to 3.75%
Derek Kilbourn
derek@soundernews.com
Tuesday, March 9 2010
Twenty-one responses came in from the Trust area after the Islands Trust Council requested public input on the draft budget for 2010-2011.
At the time of the request for public input, the tax increase that was being suggested for 2010-2011 was 4.9%. This represents an increase of about $13.25 per year for a typical residential property with an assessed value of $450,000. Last year, a property of that value paid $271.00 in Islands Trust taxes.
Gabriola Local Trust Committee Chair Louise Bell reported at the latest LTC meeting that over 75% of the 21 responses came from North Pender Island residents.
“Several of the trust areas didn’t have any comments coming in.” she said, adding,
“The Committee looked at the proposed budget again on Feb. 24. They will be presenting to Trust Council a budget with a reduction in the tax increase to 3.75%.
We’ll see what Trust Council does with that.”
Louise said that delegations, the Town Hall, and the Budget debate will be discussed on Wednesday, March 24, at the Trust Council meeting on Hornby Island (at the Hornby Community Hall)
The full agenda is available on the Trust website, along with the proposed budget at www.islandstrust.bc.ca/news.
Trust Chair Sheila Malcolmson said, “anyone can write to Trust Council c/o msmith@islandstrust.bc.ca and trustees will see it before the meeting.
“All input very welcome, and helpful.”
According to a release included with the proposed budget, the Islands Trust states that taxes account for approximately 10-20% of the total tax bill for a typical property in the Islands Trust Area.
Any changes have a relatively small impact on overall property taxes.
The Financial Planning Committee is recommending that the Islands Trust Council adopt a budget of $6.43 million for 2010-2011. If approved by Trust Council, the proposed Islands Trust budget for 2010-2011 would mean an increase on the Islands Trust’s portion of property taxes of approximately 4.9 percent.
Total revenue for the Trust in 2010/11 is expected to drop $331,000, with decreased revenues of $288,000
Offset by decreased costs of $17,000, the Islands Trust says it will need to raise its overall property tax revenue for the difference of $271,000.
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