-District media release
The District of Sooke Council has discussed the 2017-2021 Financial Plan and is ready to grant the first three readings to the 2017-2021 Five-Year Financial Plan bylaw tonight, Monday, March 27, 2017.
The plan’s approval will allow Council to set spending limits and priorities for the next five years. Once approved, staff will be able to move ahead with service level adjustments to meet demands of the growing community of Sooke.
The Financial Plan was reviewed by Council during public meetings held on March 8, 9, 13 and 22. Highlights from the plan include:
- Total budget of $19.4 million:
- $4.4 million for capital projects
- $1.1 million for transfers to reserve funds
- $1.3 million for debt servicing
- $12.6 million for operations
- Property tax increase of 5.57%. Property owners (based on average assessment) will pay an additional $56.00 in 2017.
- No change to the Sewer Parcel Tax rate.
- $7.6 million will be invested in community capital projects and capital upgrades over 5 years.
- Funding to address service level demands in administration, building inspection & engineering services.
After adoption of the 2017-2021 Five Year Financial Plan Bylaw, staff will prepare the 2017 Property Tax Rate Bylaw for consideration of Council.
The property tax rate bylaw must be approved annually after approval of the financial plan bylaw and before May 15th.