Nanaimo City Council has officially adopted this year’s budget, including $135 million for operating expenses and $54.5 million for capital expenditures.
Mayor Bill McKay says it includes a 1 per cent property tax increase, which will go into a reserve to maintain and upgrade existing infrastructure. It is the lowest property tax increase in more than a decade.
McKay says the upcoming Core Review will help them identify key priorities, and find efficiencies, and he doesn’t think the minimal increase is setting them up for trouble down the road.
He says they’re already preparing a schedule of special committee of the whole meetings so they can get a jump on next year’s budget.