Coquitlam property owners will see an average 2.34% overall property tax hike when their bill arrives this year, an increase the city says is the smallest since 2005.
The five-year financial plan for 2015-2019 was unveiled during Monday's council meeting and councillors unanimously endorsed the first three readings. It will now go before council for fourth and final reading next month.
"This council has embraced fiscal discipline and will continue to do," Coquitlam Mayor Richard Stewart said in introducing the budget. "The past five years have seen smaller and smaller property tax increases, and this year's is smaller still."
Under the city's tax-shift policy, which aims to re-balance some of the tax burden from owners of commercial properties to residential property owners, homeowners will see a slightly larger increase.
The budget calls for a 2.71% average property tax rate increase for residences while commercial property owners will only see 1.71% rise.
According to a city staff report, the average homeowner will be charged $2,982 for property taxes and utilities, approximately $73 more than last year. The increase works out to about $48 in property tax, $4 in water rates, $13 in sewer and drainage rates, and $8 in solid waste charges.
The bulk of the property tax increase will be used to pay for hiring six more RCMP officers at a cost of $891,000; those Mounties will be primarily used in high-crime areas, with additional foot patrols in Town Centre and around the new Evergreen Line stations when the line opens in 2016.
Another $500,000 is need for parks and capital funding to support enhancements in the city's parks master planning process while an additional $500,000 is needed for facility maintenance funding.
Other spending items include:
$243,000 for parks and recreation program funding for services in the city's rec centres;
$218,000 to upgrade outdated systems at Coquitlam Public Library;
$121,000 to hire an arts and culture manager;
$100,000 for road and streetscape rehabilitation;
$75,000 for administrative support;
and $50,000 for new gear for firefighters.
For more information on the budget go to www.coquitlam.ca/budget. To see Coquitlam Mayor Richard Stewart's introductory remarks, go to www.coquitlam.ca/news.
