The Town of Golden is committed to sound financial management and developing a responsible and sustainable budget. On May 7, Council adopted the 2024 budget and five-year financial plan after many thoughtful and engaged discussions about what services the Town provides, what services the taxpayers desire, and the costs of both. The budget will allow the Town to maintain current service levels in the face of increased inflation, interest, and marketplace costs, while also meeting the changing needs and expectations of a growing community.
“Our historical increases to property taxes have been very consistent and moderate. People are going to notice this year’s jump, but the reality is this current economy is forcing us to increase our base operational budget to keep up with core infrastructure and service responsibilities,” said Mayor Ron Oszust.
This year residents will see a wide range of projects taking place to support core services: work will begin on Well 7 at Dogwood Park, and progress will continue on the Integrated Sanitary Sewer Upgrades project, along with the replacement of the Edelweiss sanitary lift station; additional earthen dike work is scheduled along the Kicking Horse River; staff will continue to provide support for the provincial Kicking Horse Bridge replacement project, and short-term rental regulations will be implemented.
Council Chambers will undergo an audio-visual upgrade to support recorded meetings, enhancing transparency and information accessibility; work will continue on the Mount 7 Rec Plex block to enhance the recreation experiences being offered; funded through the Resort Municipality Initiative, portions of the Trans-Canada Highway corridor will see new irrigation infrastructure and an expanded washroom facility at the Visitor Information Centre will be built, and already this year we have seen the official completion of the Downtown Plaza Revitalization project.
Council also adopted the 2024 Tax Rates Bylaw on May 7. 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.
As a result of the notable increasing costs, the average homeowner will see a larger than historical increase in their taxes at approximately $24 per month for their Town of Golden property taxes (which equates to approximately $284 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 from these other non-municipal entities is approximately 2.85%.
Of the total taxes collected, 62% will be kept by the Town to fund municipal operations, slightly up from 58% in 2023. 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.
“Our very high success rate with grants lets us get a lot of infrastructure work done without having to use property tax revenues for it” said Chief Administrative Officer Jon Wilsgard. “Local governments everywhere are facing tremendous pressures to their ability to maintain infrastructure and the services citizens expect without considerable increases to their budgets. The costs of commodities, goods, services, and interest rate impacts effect us like any other business or resident. A scan around the province puts us in the middle of the pack with our fellow municipalities in terms of the scope of that percentage increase.”
For more information and details on the 2024 budget and 2024-2028 financial plan, visit golden.ca/budget and to learn more about your 2024 BC Assessment, visit bcassessment.ca