Nanaimo’s chief financial officer has presented a five-year draft financial plan, which outlined projected cost increases for residents.
Victor Mema revealed the plan for 2018 to 2022, which projects property tax will increase 2.6 per cent or $51 for a typical household with an assessed value of $441,000.
Water user fees are expected to go up 7.5 per cent, equivalent to $36 and a five per cent increase for sewer fees, a jump of $6.
Nanaimo’s final roll out of the Sort Toss Roll solid waste collection program is included in a 24 per cent increase in solid waste fees.
That is equivalent to $32 with a total annual increase of $125 in taxes and fees for a typical household.
Infrastructure investment in the draft plan is at $49 million and budgeted to start next year.
Those capital projects include a waterfront walkway expansion, a replacement to Fire Station #1, a Georgia greenway and the Chase River Pump Station Force Main.
“Comparatively to the projected property tax increases of the 2014-2018 Financial Plan, the 2018-2022 projected increase of 2.6 per cent indicates a cumulative 5.5 per cent, or $5.5 million saving on an annual basis,” Mema said.
Residents will have a chance to provide input and ask questions about the draft financial plan at the Committee of the Whole meeting Monday night.