Langley City will host a virtual open house this Thursday, Feb. 4, so residents can comment on a proposed 4.68 per cent property tax increase for the coming year.
This year’s budget is proposing a 2.75 per cent tax increase, plus 1.93 per cent in increases that come from servicing debt on the Nexus Investment Plan.
The net increase in the budget is $1.39 million funded by taxes.
There will also be some utility rate increases for services like water and sewer.
According to Langley City, the average increase on a single family home, assessed at about $878,000, would be $154 over a year earlier.
The average increase on a multi-family home, a condo or a townhouse, assessed at $415,000, would be about $90 for the year, compared to 2020.
Council will be hearing a full presentation on the financial plan at its Monday afternoon council meeting on Feb. 8, with another opportunity for the public to share their views with the City council on the budget.
The city is facing an unusual financial situation this year, as the Cascades Casino has been shut down since March. The City earned more than $7 million in 2018 from casino revenues, and this year it will get considerably less as the casino was only open for a quarter of the year.
As part of the five-year financial plan, the City is currently basing its budgeting on the possibility that the casino could stay closed for another whole year through all of 2021.
In addition, the Nexus of Community Plan which was adopted a year ago is being altered so that less funding is borrowed in the near term. The plan was to include buying land to prepare for the arrival of the SkyTrain in the City.
The plan now calls for the City to borrow $7.5 million towards Nexus plans in 2021, rather than the full $50 million in the previous plan.
To attend either virtual meeting, email email@example.com to receive a meeting link.