rope ca as earn 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.