Welcome to the City of Powell River’s Five-year Financial Plan webpage. The City is required to produce a balanced five-year financial plan annually before May 15th. The financial plan sets the service levels for the City. The financial plan process starts with online and in person engagement to receive public input and answer public questions. Next, the first draft of the financial plan is produced, presented to City Council, and then refined to become the second draft. Finally, the Financial Plan Bylaw is proposed for readings then adoption. Here you will find all the same documentation and resources City Council and Financial Services use to finalize the financial plan and property taxes.
What impact will the permanent closure of the Tis’kwat mill site have on the City’s 2024 property taxes?
In 2024, the Tisk’wat mill site’s assessed value decreased by $31 million (38%) in its Major Industry property class. At the same time, the revitalization tax exemption bylaw that was in place for thirteen years ended. This means that there is no longer a cap on the property taxes for this site. The impact of these two changes, using 2023 property tax rates, is an estimated $1.6 million increase in property taxes from the site. This would decrease property taxes from the other classes, which mainly consists of residential and business. After the property tax rates are finalized in May 2024, the property taxes for each property class will be known.
For more information, refer to the January 23 report to Council linked here 2024 Property Assessment Analysis, Appendix A - 2024 Property Assessment Comparative Analysis
What service changes did Council vote to put forward to Draft 2 of the Financial Plan?
The summary of service changes can be viewed below. These will be incorporated into Draft 2 of the Financial Plan, which will be presented at the February 27 Special Council meeting.
The Open Book Financial Plan Visualization Tool shows you the budget at each step as we move along the budget timeline. The graphs are updated regularly as Financial Services makes changes based on City Council’s input and direction.
2024 – 2028 Financial Plan Reports
Financial plan reports are presented to City Council on a regular basis for input and direction to city staff. These reports from the Chief Financial Officer are given at public meetings to ensure transparency and accountability. As the process progresses, links to the reports will be added.
2024 Sewer Parcel Tax Rates Report
The City charges sewer parcel taxes to help fund the capital cost of the sewer collection and treatment service. These taxes are charged based on a property’s frontage in feet, multiplied by the parcel tax rates as set in the parcel tax bylaws. As the process progresses, links to the reports will be added.
2024 Sewer Parcel Tax Rates – September 12, 2023
2024 Sanitary Sewer System User Fee Rates Report
The City charges sewer user fees to help fund the operating cost of the sewer collection and treatment service. The user fee rates are set out in the sewer user fee bylaw. As the process progresses, links to the reports will be added.
2024 Sanitary Sewer System User Fee Rates – September 12, 2023
2024 Property Tax Information
Property taxes are one of the ways the City of Powell River collects revenue to pay for municipal services like police, fire fighting, recreation, parks, and programs to build a healthier and thriving coastal community. The amount you pay is based on the funds the City needs to provide municipal services each year, and your property assessment.
Provincial Property Tax Deferment Program Information
The Property Tax Deferment Program is a provincial loan program that permits qualified BC home owners to defer their annual property taxes on their principle residence if certain criteria are met.
Provincial Home Owner Grant Program
The home owner grant program reduces the amount of property taxes you pay each year on your principal residence. The grant is available to homeowners who pay property taxes to a municipality, or to the province if they live in a rural area. Most eligible home owners a qualify for the regular grant.