HomeNewsIsland & CoastParkville council approves 6.6 per cent tax increase in budget

Parkville council approves 6.6 per cent tax increase in budget

A tax increase of over six per cent has been approved by the City of Parksville which council says translates into $171 in increases. 

Council approved the financial plan on May. 6 with an increase of 6.6 per cent to general property taxes, five per cent to metered water and water parcel tax rates, and three per cent to sanitary sewer usage and parcel taxes.  

According to a media release, council needs to increase rates to compensate for investments in capital assets and infrastructure renewal between 2024 and 2028 which include an $1.5 million in asphalt patching, $3.68 million in roads and drainage, and $2 million in the Parksville Pathway Project. 

The city says the increase will also help keep existing services in place and provide financial security for the future. 

“Maintaining adequate reserves and surplus play a significant role in achieving a level of financial stability for Parksville taxpayers,” they says. “Such reserves include long-term capital infrastructure renewal and replacement, current capital funding and protective services operating and capital.” 

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For a full list of financial plan investments, visit the city’s website. 

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