City of Port Coquitlam

Budget discussion April 05 / 93

Provincial Revenue Sharing

We now know the Revenue Sharing grant we will be receiving and the
attached budget sheets reflect this change. The amount we are to receive is
slightly higher than in 1992 and considerably more than previously
estimated.

Assessment information is available

Our previous tax estimates were based on preliminary data received from the
B. C. Assessment Authority which included an estimate made last September
of the amount of growth (both zoning and construction) which was expected
to take place prior to the end of 1992. The final amount of this growth is
now known and we have just over $156 million in new growth this year
which is $17 million more than previously estimated.

As a result of this additional growth, the tax rate will be lower than
previously expected.

Property taxes

If we stopped our budget process now and spread the required tax increase
evenly over all properties, the average increase would be 2.1%.

Requests for additional funding

Attached is a revised list of requests for additional funding which Council
may or may not want to consider.

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