A proposed 4.68 per cent property tax increase is a step closer following a unanimous Langley City Council vote giving a proposed financial plan third reading on Monday, Feb. 8.
City director of corporate service Darrin Leite projected the average increase on a single family home, assessed at about $878,000, would be $154, while a multi-family home, a condo or a townhouse, assessed at $415,000, would go up by about $90.
“We have tampered our enthusiasm somewhat and decided to ask City Council to consider borrowing $7.5 million in 2021 for land acquisition,” Leite said.
“We will not pursue the full $50 million in borrowing at this time and may revisit other borrowing opportunities in future capital improvement plans once the uncertainty of the pandemic (is) better understood.”
As well, Leite noted the closure of the casino due to COVID will mean no income under a revenue sharing agreement with the Cascades casino that would have been worth more than $7 million this year.
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To offset the loss of casino funds in 2021, the City is using $792,565 of the Canada/BC Safe Restart grant funding to offset the cost of community programs usually covered by the gaming revenue.
The financial plan is expected to come back to council for final approval at the Feb. 22 meeting.
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