The city is facing significant challenges, including extraordinary inflationary pressures, supply chain issues, and substantial interest hikes.

Tax Increase Details:
Property owners may see a 4.25% increase in the tax rate this year. Chief Financial Officer David Joy highlighted that this adjustment is essential to address major budget changes, including increased staffing costs such as salaries, wages, and benefits. Despite the increase, our city's tax rate remains lower than that of 59% of similar-sized municipalities.

Residential Property Owners:
With an average property value of $341,852, homeowners can expect to pay approximately $1909 in taxes this year, compared to $1,836 in 2023—an approximate $72 increase.

Commercial Property Owners:
Commercial property tax owners will also experience a similar situation, with an average commercial property paying an extra $741 in municipal taxes, based on an average property value of $926,026.

Budget Balancing Act:
To balance the budget, the city is exploring a combination of tax increases and utilizing funds from the Peace River Agreement (PRA). This strategic approach aims to ensure financial stability despite the economic challenges.

Why the Increase?
The tax increases are necessitated by major budget changes, including rising staffing costs. Salaries, wages, and benefits are expected to increase by over $2,548,000 compared to 2023. Additionally, there are extra costs for events like High on Ice, contributions to the accessibility committee, employer health tax, and more.

Stay Informed:
We understand the impact of these changes on our community. Stay informed, and feel free to attend upcoming council meetings or reach out to city officials for more details. Your understanding and support during these challenging times are highly appreciated as we work towards maintaining the well-being of our city.

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