What is the financial benefit to Kelowna in joining with the Westside?
There is absolutely no financial benefit to the City of Kelowna in an amalgamation. In fact, the tax impact analysis states the average Kelowna property owner will see an increase of $16 per year (2006 dollars) on their tax bill. This is just under 1% of the total average tax bill. What is the City’s debt load? Council has a corporate strategy to limit general fund debt to 5% of tax demand. In 2007 debt servicing is less than ½ cent. In the five year financial plan, debt servicing peaks at 4.98% in 2010; that is less than five cents of every tax dollar for debt servicing. How fiscally responsible has Kelowna Council been over the last five years? The best indicator of fiscal responsibility in this context is the level of tax increases over this period, and where the City of Kelowna is situated relative to other communities in terms of the municipal share of taxation. First, tax increases: Year BC All Items CPI Municipal Increase 2006 1.76% 2.00% 2005 2.04% 1.95% 2004 1.99% 1.75% 2003 2
