Oak Bay residents could see an increase as high as 11.6 per cent on their municipal taxes this year.
The draft financial plan attributes the threefold increase due to such items as contractual obligations, inflation and collective agreements. That forced growth – maintaining services with no new projects or changes to existing programs – is estimated at 6.8 per cent.
Another two per cent is attributed to Oak Bay’s ongoing Sustainable Infrastructure Replacement Plan, with another 2.7 per cent for staffing.
The potential 11.6 per cent jump translates to $395 to the median residential property in the community.
Have you read the Draft Financial Plan? Overall the Draft Financial Plan results in a proposed 11.6% tax increase for 2023. Visit our website to learn more about forced growth, infrastructure funding and other contributing factors to the tax increase. https://t.co/fA5EJTrfk9 pic.twitter.com/ATuycRV0HA
— District of Oak Bay (@DistrictOakBay) March 11, 2023
Costs associated with forced growth include, for example, the fact natural gas rates rose more than 20 per cent last year, and collective bargaining for Canadian Union of Public Employees Local 374 and the Oak Bay Police Association recently concluded with wage settlements higher than predicted in the 2022 financial plan.
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Council meets as a committee of the whole for a final open discussion on the financial plan Thursday, March 16 at 6 p.m. Find the agenda and attendance options, including in person, by phone and streaming, online at oakbay.civicweb.net.
The district is mandated to have its budget in place by May 15. Find a copy of the draft at www.oakbay.ca.
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