A draft of the City of Victoria's 2017 financial plan calls for an overall property tax and utility fee increase of 2.9 per cent.
As part of its strategic plan for the years 2015 through 2018, council targeted a maximum tax increase of inflation plus one per cent. With an inflation rate of two per cent in Victoria in August, the proposed tax increase of 2.9 per cent for 2017 falls just within that target.
The plan calls for an operating budget of $224-million dollars.
Another $51-million dollars is proposed for capital projects; from that, 44 per cent would go toward "completing a multi-modal and active transportation network" and 24 per cent would be used to "steward water systems and waste streams responsibly."
The draft financial plan was introduced at a committee of the whole meeting this morning, and will be presented in detail to council for review and consideration next week. Public consulting and an open house will then be held in November. A final plan with all changes incorporated is expected to be presented to council for final adoption in April.