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Squamish residents could see property tax increase of 8.9% in 2024

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District says it's not immune to cost increases from inflation and supply chain challenges, a primary pressures of this Financial Plan. Photo: DOS staff at a public engagement event.
staff report
October 27, 2023 6:23am

The District of Squamish Five-Year Financial Plan for 2024 to 2028 is ready for public review and the public can expect a 8.9 per cent increase in taxes, though nothing has been finalised by council.

“The revenue required from property taxation in 2024 is projected to increase 8.9% or an average of $213 per residential unit. This is the impact on current tax payers after the anticipated non market growth from new development has been factored in,” says the District of Squamish.

Similar increases can be expected annually for the remainder of the five-year plan.

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A Utility rate increase of an average of 3.7% is expected to fund escalating costs associated with annual maintenance of utility systems and financing costs associated with capital investment for the replacement of infrastructure.

“We are at a point in time where the town has significant financial requirements,” continues Hurford. “We’re predicting that property tax increases in the range of 8 to 9% may be sustained for the next few years – it’s more costly than before to offer the same services; we are investing heavily in facility and infrastructure upgrades; and we are building reserves to ensure future Councils are well prepared for the financial needs of the future and can be better positioned to address the challenges of asset (and facility) replacement.”

The District’s financial Plan outlines the District’s operating costs, capital plan, funding sources, tax rate and utility rate impacts over this period. The community is invited to review the budget through the new Open Book visualization tool, and mark calendars for a series of in-person opportunities to discuss with members of Council.

Some budget highlights

A Capital Plan investment of $248.1M over five years. The Plan is funded in part by Developer Cost Charges ($22.3M) and federal/provincial grants ($41.6M).

Continued investment in new facilities (Fire Hall No. 2 on Tantalus Road, Public Works Facility, and Brennan Park Recreation Centre first phase of upgrades), and debt servicing of these facilities (and Fire Hall No. 1).

Infrastructure upgrades aligned with long-term community needs and driven by master plans such as Water, Wastewater, Storm Water Management, Solid Waste, Flood Hazard Management, Active Transportation, Road Paving and others.

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$11.7M in Special Operating Projects to move important strategic work forward such as climate adaptation projects, the Agri-Foods Study implementation plan, and Innovation Capacity Development.

Transit expansion that will add three buses to increase frequency on the 1 Brackendale and 2 Highlands routes and improve weekend service on the frequent transit network.

Maintenance of adequate levels of reserves balances to mitigate current and future risks and ensure stable tax rates.
Financial commitment to the District’s Long-term Asset Management Plan. The District increased contributions to the General Fund Capital (2.4%), Water Fund (1.8%) and Wastewater (3.4%) reserves as recommended in the 2022 Asset Management Plan.

Community Amenity Contributions from development fund approximately $3.5M in community amenities including the Brennan Park Playground and Splash Park, No Name Road Park, and contribution to the Valleycliffe Childcare Facility.

The District said it is not immune to the cost increases from inflation and supply chain challenges experienced across the country, and this is one of the primary pressures of this Financial Plan. Other pressures include the cost of expanded transit, the costs of funding and servicing debt on multiple facilities replacements and upgrades, labour contract annualization, staff resources to meet increasing Capital Plan requirements and service demands and addressing deficiencies in previous asset management investment.

The proposed 2024 budget is $167.8 million, and is comprised of the General Operating Fund, the Capital Plan, three Utilities (Water, Wastewater and Solid Waste), and Reserve contributions. Property taxation is anticipated to fund approximately 25% of this amount, with the remainder being funded by such sources as sale of services, grants and developer contributions through Developer Cost Charges and Community Amenity Contributions.

View the budget online

Residents are invited to explore the budget via a new online platform available as part of the District’s budgeting software called Open Book. The portal lists projects grouped by Budget Area or by Category (such as Master Plan, Facilities, Infrastructure, Equipment, Growth and Strategic Plan.

A budget presentation, facilitated Q&A discussion and open house event will be held November 14 at Howe Sound Secondary School from 6-9 p.m. Mayor Hurford will begin the presentation at 6:30 p.m. and Council will answer questions and hear comments from attendees. The second part of the evening (approximately 7:30 p.m. onwards) will offer light refreshments and project information boards in an open house style where members of the public can interact and discuss projects one-to-one with Council and staff.

Members of Council will be available to chat with the community on November 1 during these Coffee with Council events:

8-9 a.m. – Bean Around the World, 41340 Government Road, Brackendale

12-1 p.m. – The 55 Activity Centre, 1201 Village Green Way

5-6 p.m. – The Common, 38016 Cleveland Ave

The next Mayor’s Drop-In on November 15, from 11:30 a.m. to 12:30 p.m. at Municipal Hall, is another opportunity for small group budget conversation.

Residents can find budget information, ask questions or post comments, and view all the opportunities to discuss with Council at LetsTalkSquamish.ca. Comments can also be sent to budgetfeedback@squamish.ca.

 

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Reader Interactions

Comments

  1. Patricia says

    October 27, 2023 at 7:16 am

    Why can’t our council collect more money from the cooperations to help pay for infrastructure? That make Hugh profit on selling the town houses and Condos not to mention rentals

  2. David J Lassmann says

    October 27, 2023 at 11:44 am

    Who in their right mind would think that the District of Squamish is immune to rising costs? Of course our taxes will go up! I believe that the public are mostly deficient in their knowledge of economics which makes it easy for our governments to make foolish policies and then deceive them about the consequences. Fun facts: Inflation is caused by a government increasing the supply of money. Rent controls tend to result in a shortage of rental properties. “Affordable” housing is actually subsidized housing. Interest rates are raised so that banks can continue to earn profits by lending money.

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