On Monday, January 11, 2016, Vernon City Council adopted the 2016-2020 Financial Plan, fulfilling a strategic goal of having a budget in place to start the new year. Previously, Council did not begin a detailed review of the proposed financial plan until mid-January.
During the budget approval discussion, Council voted to return $232,734.64 received by the City from the Regional District Hospital levy back to current Vernon taxpayers. This is possible through a planned reduction in the Regional District Hospital levy by Council, through a planned offset of the funds received from the Regional District for the dissolution of the Columbia Shuswap Regional Hospital District.
Assessment data for 2016 is not yet available to determine what that will mean for typical Vernon property owners. However, using 2015 assessment rates and values, the levy would decrease from $92.88 to $84.31—a return of $ 8.57—per for the average home.
Included with the budget is a continuation of the commitment to increase capital infrastructure spending, through an annual 1.9 per cent cumulative levy. There is also an operating increase of 1.5 per cent, well within the 1.8 per cent maximum established by Council.