Recently, Jeremy Sundin, Director of Financial Administration for Coldstream, advised the Mayor and Council that 2023 is projected to be a challenging year in terms of upward pressure on the municipality's expenses.
Sundin's report cited several factors contributing to additional expenses, including high inflation, increases in police contracts and union agreements, adjustments to exempt staff wages, debt renewals, reserve projections, and staffing for the new Community Hall.
According to the financial report, the tax increase could have been even higher if the District was unable to draw from several reserves, including the Community Amenity, Water Devolution, and Policing Reserves.
For typical homeowners in Coldstream, residential properties will see an 8.4% tax increase.
The average homeowner pays about $1500 in taxes, meaning an 8.4% increase would average out to $122 per year for the typical single-family residential property.
There is no word yet on what kind of increase is coming to pay for the Duteau Creek Water Source/Headgates Spillway Project or staff-recommended upgrades to Kalamalka beach, other than a $500,000 estimate to replace the aging Rotary Pier.
You can see the full report HERE https://coldstream.civicweb.net/FileStorage/EA2969584A244BD39D7EF02BBB37F470-230213-RptToCnl-2023FinancialPlan%20(002).pdf
