Local governments awash in cash

[Jonrox]

Typically reserves from surpluses are needed to fund future infrastructure projects, which can reach into the tens and hundreds of million of dollars. If they didn't run surpluses, there would be no way to pay for these projects when they're needed.

I believe municipalities also can't legally go into debt to pay for their yearly operating budget.

[voice of reason]

why is lake country jacking up the property tax this year if they have a 12 mil surplus?


As such, council is looking at a 2023 property tax increase of somewhere between 9.95 and 19.02%. for context, the district says a 1% increase would result in about a $20 annual tax increase for the average single family home in Lake Country – which is worth $1.087 million.

https://www.castanet.net/news/Kelowna/4 ... x-increase

[Jonrox]

why is lake country jacking up the property tax this year if they have a 12 mil surplus?


As such, council is looking at a 2023 property tax increase of somewhere between 9.95 and 19.02%. for context, the district says a 1% increase would result in about a $20 annual tax increase for the average single family home in Lake Country – which is worth $1.087 million.

https://www.castanet.net/news/Kelowna/4 ... x-increase

This could explain it...

Typically reserves from surpluses are needed to fund future infrastructure projects, which can reach into the tens and hundreds of million of dollars. If they didn't run surpluses, there would be no way to pay for these projects when they're needed.

I believe municipalities also can't legally go into debt to pay for their yearly operating budget.

[BC Landlord]

As a Summerlander, I would like that surplus money to go toward local roads repair, some of which are in a pretty bad shape. Lowering taxes and utilities costs would come next on my wish list. An $11.1M is a huge amount of money for a municipality of 12k population.

[Simkkin]

Good point... Coincidence? I think not!

x2

[I think the city will need that money to defend him! I heard the city will get the bill]

[voice of reason]

why is lake country jacking up the property tax this year if they have a 12 mil surplus?


As such, council is looking at a 2023 property tax increase of somewhere between 9.95 and 19.02%. for context, the district says a 1% increase would result in about a $20 annual tax increase for the average single family home in Lake Country – which is worth $1.087 million.

https://www.castanet.net/news/Kelowna/4 ... x-increase

This could explain it...

Typically reserves from surpluses are needed to fund future infrastructure projects, which can reach into the tens and hundreds of million of dollars. If they didn't run surpluses, there would be no way to pay for these projects when they're needed.

I believe municipalities also can't legally go into debt to pay for their yearly operating budget.

they have taken so much tax money already that they have 12 mil left over . there is not supposed to be extra tax money . that means they took more than they needed . now they want to charge 9-19%increases? that isnt 1-4% ...19% is serious money. this is a gouge by lake country at a time when most people are stretched thinner than thin

[Jonrox]

This could explain it...

they have taken so much tax money already that they have 12 mil left over . there is not supposed to be extra tax money . that means they took more than they needed . now they want to charge 9-19%increases? that isnt 1-4% ...19% is serious money. this is a gouge by lake country at a time when most people are stretched thinner than thin

There is supposed to be money leftover... so they can pay for large infrastructure projects without enormous spikes in taxes in the years those projects need to be done. At least, that's how I understand the surpluses to work from what I've read.

[voice of reason]

they have taken so much tax money already that they have 12 mil left over . there is not supposed to be extra tax money . that means they took more than they needed . now they want to charge 9-19%increases? that isnt 1-4% ...19% is serious money. this is a gouge by lake country at a time when most people are stretched thinner than thin

There is supposed to be money leftover... so they can pay for large infrastructure projects without enormous spikes in taxes in the years those projects need to be done. At least, that's how I understand the surpluses to work from what I've read.

if they have left over money they took too much money from the tax payer . you dont pay taxes so the city can have a bank account full of money just so you can give them more money next year

[Jonrox]

There is supposed to be money leftover... so they can pay for large infrastructure projects without enormous spikes in taxes in the years those projects need to be done. At least, that's how I understand the surpluses to work from what I've read.

if they have left over money they took too much money from the tax payer . you dont pay taxes so the city can have a bank account full of money just so you can give them more money next year

Yes... you do pay taxes so they can build up the money needed to pay for large infrastructure projects down the road.

[voice of reason]

if they have left over money they took too much money from the tax payer . you dont pay taxes so the city can have a bank account full of money just so you can give them more money next year

Yes... you do pay taxes so they can build up the money needed to pay for large infrastructure projects down the road.

so how much of your money do you feel the government is entitled to?

[Jonrox]

Yes... you do pay taxes so they can build up the money needed to pay for large infrastructure projects down the road.

so how much of your money do you feel the government is entitled to?

Enough to run the city and pay for large infrastructure projects.