Port Edward council not changing tax rate for 2012

While residents of Prince Rupert will be seeing a 1.5 per cent increase on their taxes, Port Edward will not be changing its mill rate.

While residents of Prince Rupert will be seeing a 1.5 per cent increase on their taxes, residents and businesses in Port Edward can expect no change in the mill rate.

“Council decided not to adjust any of the mill rates. The assessments are up slightly, so council expects to see some more tax revenue but decided not to pass any increase with the mill rates,” said chief administrative officer Ron Bedard.

The mill rate in Port Edward is currently $5 per $1,000 taxable value for residents and $12.50 per $1,000 taxable value for businesses. While the rate charged by the district will remain should fourth and final reading pass later this month, the rate for the Skeena – Queen Charlotte Regional District and the Northwest Regional Hospital District are increasing and the Skeena – Queen Charlotte Regional Hospital District rate is down slightly from last year.

At the same meeting council gave three readings to the five year financial planThis year the district is expecting to end with a $291,914 surplus and revenue and expenses more than double the next five years.

“The budget for 2012 is more than twice next year because of the cost of the school….The reason for the surplus is reflected in the increased government grant [$2.48 million]. Some of that is reserved for the coming year, so it won’t be all spent in 2012 and will carry forward to 2013,” explained Bedard.

The District projects a surplus of $24,653 in 2013, a surplus of $15,708 in 2014 and a surplus of just $4,081 in 2015. By the time 2016 arrives, the District expects to have its debts paid off and the surplus jumps again to $87,146.