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Kamloops  

City of Kamloops gives update about current financial situation

Financial update from city

"The property owners of Kamloops have really stepped up to help the city with their cashflow, so we really appreciate that," says Lewis Hill, financial services manager at the City of Kamloops.

Today, Aug. 4, Hill gave Castanet an update on the City's financial status as of this month.

"As of July 31, we have 86 per cent of the property tax assessed value in, 96 per cent was residential and 61 per cent is business," he explains. "We still have $23 million outstanding in taxes."

"It's better than what we expected."

The next important date is Oct. 1, when the total penalty will be assessed against outstanding taxes for both residential and businesses. Residential already has a 5 per cent as of July 31st, the other 5 per cent comes in Oct. 1.



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