Tuesday, April 1, 2014

Council to meet in Special Budget Session Tuesday

More Financial planning discussion is on the agenda, when Prince Rupert City Council meets in Special Session this evening at 5 PM.

A meeting that was set up last week during the Budget discussions of Monday night, with the goal of having more information at hand regarding costs of the Airport Ferry transportation system and any impact on the airport of potential fare hikes to that service.

Last week City Council also hoped to learn more from the municipally owned communication company CityWest, as to whether the annual dividend might be increased to the city this year.

With that background now seemingly in place, City Council will meet to review their plans moving forward with their 2014 Financial Plan deliberations.

As part of the presentation to Council on Tuesday evening, a review of the Funding from Revenue Sources will be outlined, with the objective of council "to increase the proportion of City revenue that is derived from sources other than property taxes", that review is outlined on page three of the Agenda document 

Of note to local residents is the Distribution of Property Value Taxes table as part of that package, which highlights the burden of taxes locally on residential and business operators in the city.

Those two taxation sources account for 75 per cent of all revenue generated by tax revenue.

The full breakdown can be found on page four of the document.

There's much more to review through the fourteen page document, much of which gives residents some understanding of the different elements that City Council will be considering through their Budget process.

As part of Tuesday's special session, Council will introduce and give First, Second and Third Readings to the 2014 Five Year Financial Plan Bylaw.

For more on the discussions of City council see our Archive Page.

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