Town of Comox Financial Plan 2024- 2028 Adopted

Type
News Release
Date

At the May 8 special meeting of the Council, the 2024- 2028 Financial Plan was adopted, highlighting capital and operational costs over the next five years.

The 2024 budget reflects a 5.38 per cent increase to the general municipal levy. This increase translates to an additional $83.17 on the Town’s share of the tax bill for a home assessed at approximately $800,000. As part of previous deliberations, Council has also approved an “Infrastructure Renewal Fund” to address the gap between available funding and the amount needed to maintain its existing infrastructure. Investing in this fund at the rate of $51.70 is important as it helps ensure our assets can continue to safely and reliably deliver services. 

“We understand residents are feeling increasing financial pressures, so this budget reflects the diligence of our team to maintain the service needs of our community while still investing in infrastructure to support our assets now and into the future,” said Nicole Minions, Comox Mayor. “There are many economic inflationary pressures that are beyond our control, but within our mandate, we are focused on efficiencies and fiscal responsibility as highlighted in our Strategic Plan.”  

As required by the Community Charter, the Town updates its 5-year Financial Plan annually to balance the changing needs and priorities within the community and then establishes the annual Tax Rate bylaw. The plan provides a longer-term focus regarding the resources required to deliver programs and services needed in the community and to accomplish Council’s priorities.

For more information on the budget and tax rates for 2024, visit comox.ca/budget.

-30-

Media Contact:
Nicole Minions, Mayor
nminions@comox.ca
and 
Edward Henley, Director of Finance
ehenley@comox.ca    
250-339-2202