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TO: Members of Council _ May Ist, t 0 UJ N C

FROM: Mayor L.B. Scott, Chairman Finance Committee no -~
May ’ > MAY "44972

Petre

The Finance Committee recommends to Council that the mill rate for 1972

be struck at 83.18 mills.

This is made up of 45.64 mills for general purposes ~ an increase of
-64 mills over 1971.

Our share of Coquitlam District No. 43 school and regional hospital
costs amounts to 37.54 mills, an increase of .94 for schools and a decrease of

-080 mills in regional hospital costs.

Total mill increase would be 1.5 milis which is Opproximately equival-
ent to the home-owner grant increase of $15.00 this year.

‘Details of the proposed budget will be available tonight. May I point
out that they represent the product of many hours of work, not only by this
Committee, but by all the Aldermen and members of staff.

The Finance Committee was originally faced with a proposed 6 mill increase
and thraigh the. work and~co-operation of all Committee Chairmen, has reduced this
to .64 of a mill.

While many projects have had to be curtailed, at ieast for this year,

the Committee strongly recommends. that the budget as presented be adopted for

1972.

In analyzing the budget it is once again obvious that school costs remain
at the top of the list, followed by public works, police and welfare costs.
Additional revenue this year will come from newly established industries

such as Scott Poultry, as well as from increased assessments in some areas and

from new home and apartment construction.

As in most communities, taxes are levied on 100% of land assessments and

75% of improvement assessments.