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Kamloops  

TNRD shrinks tax increase for 2025 budget ahead of March deadline

Provisional budget passed

The Thompson-Nicola Regional District has managed to shave nearly one per cent off its projected property tax increase for 2025.

At their last regular meeting of 2024, the TNRD board of directors approved the 2025 provisional budget, which includes a tax increase that’s 0.7 per cent lower than what was projected during a budget workshop in November.

TNRD chief administrative officer Scott Hildebrand told the board staff have been looking for cost efficiencies in the budget and, as a result, had managed to reduce the global tax increase from 8.5 per cent to 7.8 per cent this year.

“We will continue to look for opportunities as we head towards our final budget deadline of March of 2025,” Hildebrand said. “I’m certainly hopeful we can find additional savings.”

The board approved using $1.34 million in reserve funds to subsidize the operating budget and thus reduce the overall tax rate for 2025.

At the moment, the proposed tax requisition for the 2025 TNRD budget is $29.3 million, which is an increase of $2.13 million (7.86 per cent) from 2024.

The board also approved its five-year 2025-2029 capital plan, which includes spending $26.47 million on capital projects in 2025 — $12.2 million in costs for new capital projects and $14.29 million for projects still on the books from the 2024 budget.

The budget’s total operating expenditures are pegged at $62.02 million.

The 2025-2029 plan incorporates negotiated wage increases, anticipated insurance rate increases and the incorporation of new facilities manager and an asset manager positions.

Of the $2.13 million increase, $1.1 million is to cover previously approved wage increases. According to the regional district, inflationary costs at its eco-depots and transfer stations ($395,000) and inflation in general ($60,000) are key reasons for the tax increase, as are the two new manager positions. It also notes there has been a reduction in tipping fee and building permit revenues impacting the 2025 budget.

Of the $29.3 million that will be collected from regional district taxes this year, $13.7 million will come from member municipalities and $12.8 million will be from the 10 electoral areas, representing a 6.6 and 9.3 per cent increases, respectively.

The 2025 budget is up for final approval at the March 27 budget meeting.

The Local Government Act requires that regional districts adopt a financial plan bylaw, no later than March 31 of each year

For updated information on tax rates for each service in each TNRD community, and to find details on key factors contributing to the proposed tax requisition increase, total operating costs, and total capital costs, residents can visit the 2025 Budget webpage at: tnrd.ca/budget2025.



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