Kelowna council approves its annual budget

After setting a 2.49 per cent average tax increase for this year back in December, council gave the budget the final nod Monday.

Kelowna City Council approved the final 2014 budget on Monday, with a municipal tax increase of 2.49 per cent.

A tax rate of 2.49 per cent translates into an increase of $42.13 for the owner of an average $451,350 (assessed value) single-family Kelowna home.

According to the city, taxation accounts for 25 per cent of City of Kelowna revenues for 2014, with 53 per cent coming from sources such as grants, reserve funds, fees and charges.

The 2.49 per cent net property tax increase maintains the tax increase approved by council following its provisional budget deliberations in December .

The city’s says its 2014 Financial Plan continues to provide for the services, infrastructure and amenities expected by the citizens of Kelowna in a conscientious and cost-effective manner.

 

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