Council deliberations for 2020 budget completed

NEWS RELEASE

A three day process examining the City of Penticton’s proposed 2020-2024 Financial Plan and 2020 Corporate Business Plans was completed Thursday, December 12, with City Council approving a budget for 2020.  Council received individual budget presentations from 15 areas of City business, as well as presentations from the RCMP, Library, Travel Penticton and the South Okanagan Event Centre complex.                  

To support the Council priorities established earlier this year, many of the budget requests and department business plans directed attention and resources towards asset and amenity management, community safety and community design. 

Impact on residents and businesses:

The approval of the 2020-2024 Financial Plan results in an overall tax increase of 2.9 per cent and an increase in the business tax multiplier to 1.91. Council will set the final business tax multiplier when the Tax Rate Bylaw is brought back for Council approval in April 2020.

These decisions result in an average annual increase for municipal taxes and utility fees of $73 for a typical residential property valued at $500,707 and an average annual increase for municipal taxes and utility fees of $869 for a typical business property valued at $1,178,265.

“Having been in office for one year, the review of this year’s budget benefited from Council having a greater familiarity of City business, as well as clearly defined priorities established through community engagement”, said Penticton Mayor, John Vassilaki.  “During our deliberations, Council took a close look at the recommendations provided by staff to ensure the figures and direction being proposed met the needs of our residents.  The outcome is a Financial Plan that provides funding for essential and desired services and programs, attention and planning for long range needs like asset and amenity management and the continuation of efforts to ensure our residents and business are safe.”

Full details on the 2020-2024 Financial Plan and 2020 Corporate Business Plans can be found on the City’s website at www.penticton.ca.

The City thanks all residents who participated in the 2020 budget process by providing feedback at both open house events or by sharing their input through the budget survey hosted on www.shapeyourcitypenticton.ca

-30-

 

Contacts:

Jim Bauer
Chief Financial Officer
City of Penticton
250-490-2480

Philip Cooper
Communication Manager
City of Penticton
250-490-2583