The City of White Rock has approved a Financial Plan Amendment to respond to the COVID-19 pandemic that includes a projected net loss of $1.8 million to be funded from City reserves.
City Council also approved the 2020 property tax rates that will be used to prepare the tax notices expected to go out later in May. The rates include a 3.11-per-cent increase, which is an approximate increase of $137 for an average residence.
The projected net loss of $1.8 million is the result of a decrease in revenues of $3.1 million. This is partially offset by a decrease of $1.3 million in expenses.
Deferral of the Property Tax Penalty Date
The approved tax rates bylaw includes a deferral of the penalty date for property taxes to Oct. 1, 2020. This deferral applies to all property classes.
This extension of the penalty date will give those who need it up to three months to pay their taxes without incurring a penalty. Property taxes are due on July 2.
Mayor Darryl Walker“I want to thank City of White Rock financial staff for their hard work, and my colleagues on Council for the careful deliberation that went into reviewing and approving the City of White Rock’s budget for 2020.
The City has acted responsibly in making changes to stop the spread of the coronavirus. Although those changes, including a reduction in parking charges, have dramatically reduced revenues in 2020, the City is not increasing the tax rate to address the net loss.
Thank you to everyone in White Rock who is practising physical distancing and helping us to bend the curve of COVID-19. We are in this together and will get through this together.”