Westbank First Nation announced this week that final approval was given for its 2019-2020 budget – a budget which homeowners will likely laud.
According to WFN, council approved the budget on Monday, March 25. Prior to approval, though, the budget was reviewed and accepted by an advisory council, which reportedly represents more than 9,000 residents on WFN lands.
WFN said for 2019-20, property tax revenues will total $15.4 million – a six per cent increase from 2018-19 ($14.5 million). For the 2017-18 budget, the projected tax revenue was $13.8 million.
For 2019, WFN said 4,496 taxable residents will pay an average of $1,345 after subtracting the WFN homeowner’s grant of $570. That $1,345 is $90 less than what homeowners paid one year earlier.
In 2018-19, WFN said the average homeowner paid $1,435.
In 2017-18, WFN said the average homeowner paid $1,395.
WFN said property taxes will pay for the following:
WFN property taxes pay for the following services:
- Protective services (fire protection, law enforcement) $2.5 million
- Local services (transit, regional parks, community centres, library) $2.3 million
- Recreation and youth programs $0.6 million
- Financial reserves (capital project and contingency reserves) $2.2 million
- Community development (engineering, planning, public works) $1.7 million
- General government (administration, governance, finance) $4.8 million
- Homeowner Grants $1.9 million
WFN also said for 2019, B.C. Assessment showed a 3.27 per cent growth rate in new construction on WFN lands, totalling $61.07 million; that market values increased total assessments a further 6.55 per cent; and the total residences increased from 4,361 in 2018 to 4,496 in 2019.
WATCH BELOW (Aired March 20, 2019): Why B.C. first time home buyers may not benefit from federal budget housing incentives
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