Langley City’s proposed budget for the coming year includes a 4.94 per cent tax increase.
That would mean a average single family home (worth $828,000 in the City) would pay an additional $45, including utility rate increases. That’s to make up for the $1.27 million gap berween total revenues and what the staff recommends the City spend.
The average multifamily home in the City is worth about $327,000 and would see an increase of about $130 (including utility rate increases).
The amount of the City tax increase is based on the assessed value of a property. The difference comes because of the 17 per cent jump in the assessed values of multifamily properties over single family dwellings.
Anyone wanting to find out about the City’s proposed 2018 budget or ask questions can attend the annual financial plan open house on Wednesday between 6 and 7:30 p.m. in City hall. City council will hold a Committee of the Whole at 7 p.m. on Monday, Feb. 5 in council chambers where a public presentation of the financial plan will be made. After that, the public can provide council with feedback on the budget, including suggestions on how the shortfall can be addressed.
The City budget includes $48.3 million for operations and $11.8 million in capital expenditures.
According to the City, 45 per cent of the tas revenue is spend on policing, and three quarters of the operating budget comes from property taxes and utility charges.
Based on community feedback, the priority areas are public safety, homelessness; parks, boulevards and trails; infrastructure renewal; and recreational opportunities.