Peachland council has given initial approval to a proposed property tax increase of 7.74 per cent as part of the 2024 Financial Plan.
The increase translates to an average of $120.14 more for homes assessed at $884,000.
Additional revenue generated by new construction, use of reserves, and surplus from previous years contributed to mitigating the impact of the increase.
Major capital projects outlined in the budget include road remediation projects, Turner Park improvements, enhancements to the Sanderson Dog Park, upgrades for fire department equipment, dock pilings, boat launch works, and investments in the active transportation network and pathways.
Funding comes from various sources, including the Growing Communities Fund Grant from the province, which allocated $1.8 million for 2024, leaving approximately $1 million for future projects.
Other notable changes in the 2024 financial plan include an increase in police services costs of $24.17 (7.85 per cent) due to a rise in shared costs agreement and a transit tax hike of $2.55 (3.44 per cent).
The proposed financial plan and tax rate bylaw are set for adoption at an upcoming council meeting.
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