The City of New Westminster has pared down its proposed property tax increase to the lowest rate in recent years.
A recent staff report indicated local residents would be facing a 2.25 per cent tax increase in 2012, but that figure has been reduced to 1.91 per cent.
A report said the adjustments were made by more aggressively budgeting for business licence revenues, reducing liability insurance and claims and fleet insurance, and reducing subcontractor budgets in street and major road maintenance.
Coun. Bill Harper said the 1.91 per cent increase is "very prudent" and will probably be the lowest tax increase in Greater Vancouver.
"We are in pretty good shape here in terms of our overall finances," he said.
Coun. Chuck Puchmayr said staff has done a good job in whittling down the property tax increase.
Noting that seniors still face pressures with rising costs, he said the city must ensure they're aware of their ability to defer taxes.
Coun. Betty McIntosh believes that having a tax increase of less than two per cent is beneficial to the community. She did B not support last year's ' budget, which had a 2.98 per cent tax increase
"This year with it being under two per cent, I have no opposition," she said.
Mayor Wayne Wright said seniors may also benefit from reduced utility rates if they're 65 or older and the sole occupant of their residences.
On Monday night, city council gave three readings to the five-year financial plan (2012 to 2016) bylaw.
"The financial plan, which includes a 1.91 per cent tax rate increase for 2012, strives to maintain current service levels, provide additional resources for strategic initiatives and fund investment in ongoing capital maintenance programs, as well as major capital projects such as the multi-use civic facility, Westminster Pier Park and Queensborough Community Centre expansion," said a staff report.
The last time the City of New Westminster had lower tax increases was in 2000 and 2001, when the increases were held to zero per cent.
