The Town of Golden is committed to sound financial management and developing a responsible budget. On April 18, Council adopted the 2023 budget and five-year financial plan with a focus on responsible spending including a number of acquired grants and borrowing. While the approved budget will not balance the effects of inflation, it will help the municipality keep up with inflation while maintaining service levels.
“This is our first official budget as a new Council, and while we are proceeding with caution through a time of increased inflation, we continue to move our community forward with a lot of exciting projects anticipated for 2023,” said Mayor Ron Oszust.
This year, the downtown transformation will continue with a complete street renewal of 6th Street North between Ford and the Downtown Auto Wash, and the redevelopment of the Post Office Plaza; another phase of boulevard beautification work on the Trans Canada Highway will take place; Golden Fire Rescue will purchase a new fire truck; repaving will start on the 500 block of 8th Street South; the skatepark expansion and other developments within the Mount 7 Rec-Plex Block will be completed this year; and capital improvements to water and sewer systems will take place, helping to ensure our core community infrastructure is functional for the long term.
Following the budget and financial plan process, Council adopted the 2023 Tax Rates Bylaw on May 2. The tax rates determine how much each property class contributes, and the revenue collected helps support the Town’s ongoing operations and the maintenance of existing service levels.
According to BC Assessment, 2023 property values have risen on average by around 11-14% for residential and commercial properties in Golden since last year. However, despite higher-than-normal inflationary pressures, municipal tax rates for residential properties have only risen by 4.08%. As a result, the average homeowner will see an approximately $6 per month increase in Town of Golden property taxes (about $74 for the year).
In addition to Municipal taxes, the Town is also responsible for collecting taxes on behalf of other taxing authorities. This year, the average increase to non-municipal residential property tax is approximately 19.1%.
Of the total taxes collected, 58% will be paid to the Town to fund municipal operations, down from 61% in 2022. The remainder is collected by the Town and paid to the Columbia Shuswap Regional District, Province of BC (Police and School Tax), Municipal Finance Authority, BC Assessment Authority, and Kootenay East Regional Hospital District.
“2023 will be another year of growth and moving forward,” said Chief Administrative Officer, Jon Wilsgard. “Our very high success rates with grants lets us get a lot of infrastructure work done without having to use property tax revenues for it. This year, property taxes make up just 35 per cent of our total revenues, which is considerably less than the average, being reflective of the Town’s commitment to seek alternative sources of funding. As a result, we’ve been able to keep our property tax increases lower than many communities in the face of inflation pressure.”
“With four new members on Council, we are looking forward to fresh perspectives, a new strategic outlook, and a four-year plan of action that will continue to make Golden a leader in communities our size in this province,” said Mayor Oszust.
Learn more about tax rates in Golden.
2023 Town of Golden Average Residential Increase
In 2023, an average residential property assessed at $488,286 will pay $1,891 in Municipal Taxes.
How the Town of Golden compares to other municipalities
This information is based on the total 2022 Residential Property Taxes and Utility Charges (i.e. water and sewer) in the Columbia Shuswap and East Kootenay Regions for an average single detached residence.
The Town's Revenue Sources
Municipal tax dollars only make up 35% of the Town of Golden's total revenue. The Town depends on several other revenue sources such as grants and transfers from other levels of government; user fees and service charges; development charges; and earnings on investments. These revenue sources are used to support both operating expenditures (the delivery of programs and services, for example, recreation, garbage and recycling, snow removal, and annual operating maintenance and upkeep costs of Town infrastructure) and capital expenditures (the acquisition, replacement or rehabilitation of infrastructure, for example, roads, sidewalks, water, and fleet).