As of this week, Powell River’s five-year financial plan will officially go ahead.
On Thursday’s council meeting, City council adopted Bylaw 2751, a bylaw for the 2025-2029 Financial Plan.
The plan would see a 9.5 percent increase for property taxes, a lower increase from the originally proposed increase of 11.4 percent.
Related: Property taxes to increase by 9.5% for Powell River homeowners – My Powell River Now
The plan highlights the cost of this year’s budget, with a total of $54 million from revenue and $47 million from expenses. For revenue, property taxes make up the majority at $26.8 million.
The bylaw says for proportion of total revenue, property taxes are at 51 percent of total revenue, followed by fees and charges at 24 percent. Parcel taxes and other revenue are at 5 percent.
The city says when it comes to distributing the tax, residential rate levies make up 62.5 percent of the total tax number, while farms are at 0 percent for distribution.
The bylaw adoption comes after council gave it three readings at the March 20 council meeting.
Bylaw can be found here.
