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Submissions welcome for Cranbrook's five year financial plan
Public input is now being accepted regarding the proposed City of Cranbrook 2014 – 2018 Five Year Financial Plan.
The average general municipal property tax increase (excluding school and other non-city taxes) for Taxpayers is projected to be about 3.37% or about $23.80 per $100,000 of assessed value for residential property unless City Council chooses to change the distribution of property taxes. The 1% dedicated Road Improvement Tax equates to about $7.07 per $100,000 of assessed value for residential property in 2014.
The combined 2014 General Municipal Property Tax increase is 4.37% or $30.87 per $100,000 of assessed value.
Influencing the 4.37% tax increase for 2014 are several factors, including the 1% dedicated Road Improvement Tax, the ¾% contribution to the Recapitalization Reserve, a 3.5% increase in the RCMP contract, negotiated staff wage increases, and increased costs to materials and outside contractors.
For a home in Cranbrook with an assessed value of $300,000, the projected 2014 General Municipal Property Taxes will be about $2,212 before the Home Owner Grant (or $6.06/day) for all municipal services.
For an average home in Cranbrook, the projected 2014 utility and parcel tax fee will be about $876 (or $2.40/day).
Copies of the proposed 2014 – 2018 Five Year Financial Plan are available for pick up at City Hall or for download from the City website – www.cranbrook.ca and click on ‘Annual Reports’ under City of Cranbrook Links.
Written submissions regarding the proposed financial plan are invited from the public and must be received at City Hall by 4 p.m. MT, Friday March 7, 2014. Written submissions will be considered by Council at a Special Meeting on Tuesday March 11, 2014.