Roxanne Shepherd, chief financial officer for Grand Forks, gave a presentation on the 2015 tax rates (bylaw 2012). She presented council with three options based on the 2015-19 financial plan. Council decided on the second option, which will increase revenue by 4.96 per cent over the previous year and cap utilities at 40.0 per $1,000 of assessment, and major industry will stay at the 2014 rate.
The rejected options were to (option 1) increase the residential tax rate by 4.96 per cent with the same conversion ratios or to (option 3) keep the same rates as last year.
The improved residential assessment (all residences) for Grand Forks for 2015 is $353,932,650. The assessment for a single family dwelling is $291,520,450. The total assessments (including residential, industry, business, recreational, and farm) are $536,151,787.
At the meeting, council voted for option 2 which means taxes will increase by 4.72 per cent with different conversion rates for different classes. The residential tax rate will be 4.1646 per $1,000 of assessment. The tax rate for major industry 43.3948; for light industry 12.2023; for business 9.9534; for recreation 3.3317; and for farm 4.4978.
Expected tax revenue from residential is $1,529,664. The revenue from major industry is $823,382. The total property tax is $3,047,871.
Council will be giving the first three readings of the 2015 tax rate bylaw at the April 20 regular council meeting.