MEMO

THE CORPORATION OF THE CITY OF PORT COQUITLAM =. UJ
MAY

1Q 1982

TO: Mayor and Council. ; . , May 6, 1982.

FROM: J. Maitland, . B. Kirk,
City Treasurer. City Administrator,

SUBJECT: 1982 Budget.

CAPITAL WORKS
Major works included in the 1982 budget are:

Industrial area servicing, including the reconstruction
of Broadway from Kingsway to the Mary Hill by-pass. $1,163,000

Repair and overlay Western Drive. 200,000

Construct change room and concession facilities at
Thompson Park. .

Downtown improvements - parking and Shaughnessy/Wilson/
Marpole intersection. 130,000
180,000

71,000

Water supply upgrading.

PROPERTY TAXES

While overall property taxes are up considerably from 1981, we must
keep in mind that our 1981 budget was only a nine month budget, there-
fore a larger than normal increase is required just to return to a full

years operation.

Attached are:
~ Schedule 1 which shows sample 1982 taxes as the budget now stands.

- Schudule 2 which shows sample 1982 taxes as if we had remained on
assessment option 'D', ;

COMMERCIAL/SMALL INDUSTRIAL TAXES

The reasons for large tax increases to the commercial/industrial
sector are: ;
The change in the City's option in taxing assessments (see schedule

Higher property valuations for commercial/industrial properties due
existing real estate market conditions.

3. The new provincial school taxing formula. In the past commercial/
industrial properties have paid school taxes at the same mill rate

Note: Bylaws /902 ) (9703,
1904, 461905 follow this cont. /2

4 ~~
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report, City Coern