Approximately $123 million in operating and capital carryover expenditures will be included in the City of Kelowna’s 2015 budget. Carryovers do not add to the taxation demand for 2015.
Carryover requests approved by City Council on Monday are for multi-year projects set for completion this year. Some of those include construction of the Ellis Street Parkade, Queensway Transit Exchange, and the planned new Police Services Building on Cawston Avenue.
“Carryover of 2014 projects is the second step in a three-stage budget process that can be quite complicated considering the size and diversity of City operations,” says Financial Planning Manager George King, in a city-issued press release. “It’s one of the reasons why we make information about the City budget as clear as possible and easy to access.”
Review and adoption of the final 2015 budget is set for May 4, when the final tax rate will be set. Council approved a provisional tax increase of 3.46 per cent during budget deliberations in January. With work beginning on the Police Services Building project, protective services account for more than one-half of the tax demand in 2015. The other half is for all other City operations and capital projects in 2015.
A 3.46 per cent tax increase translates to $59.90 increase for the average Kelowna homeowner (the average single-family home in Kelowna is assessed at $467,330).
For more information about the City’s 2015 budget, visit kelowna.ca/budget.