When originally adopted on March 12, the Sunshine Coast Regional District 2020 Financial Plan was going to see residents pay more than their fair share of taxes.
The overall tax rate was 12.89 per cent when first approved, but after a special emergency board meeting, it’s now down to 4.7 per cent.
The property tax increases for 2020 were $2,606,610 higher than 2019 levels, but that has also been reduced, down all the way to $950,038 dollars.
Along with projects and items being deferred to 2021 and taxation for 2021 is estimated at 5.19 per cent.
Initially, the board adopted its 2020-2024 Financial Plan at the March 12 meeting, but since the COVID19 pandemic crisis has led to social and economic challenges, the board had to hold a special emergency board meeting.
In an effort to decrease taxation levels, the board proposed reductions to one-time tax-funded projects, changes to project funding for this year, deferrals of projects and new staff positions next year, a reduction to reserve contributions, and one-time funding to reduce taxation from operating reserves.
