The Village of Cache Creek adopted both its Five Year Financial Plan (Bylaw 752) that includes its 2011 budget of $7,576,700, and the Water System Frontage Tax Bylaw (Bylaw 749) at its Apr. 11 meeting.
The 2011 budget anticipates $303,855 in property taxes (11.7 per cent of budget’s revenue source), $623,647 from landfill royalties (24 per cent of revenue), $1.1 million in grants (41 per cent), and lists $2,587,591 in capital expenditures planned for this year.
Over the five years of this plan, general taxes and utilities (water and sewer user fees) will increase by 2.5 per cent annually.
Frontage rates will increase in order to pay for the Village’s new drinking water system upgrade.
The bylaw raises frontage rates from 90 cents to $1.82 per foot of taxable foot frontage. In 2012 rises to $2.02; in 2013 it rises to $2.23; in 2014 it rises to $2.44; in 2015 it rises to $2.65 and stays there until 2027. In 2028 it drops to $1.16.
The Five Year Financial Plan is one of the things that will be addressed at the Apr. 19 Town Hall meeting at the Community Hall, 7 pm.