By Korie Marshall
Both Valemount and McBride’s five-year financial plans were scheduled for final reading at the end of April.
McBride’s bylaw shows a budget of $2,641,440 for 2014 with a surplus of almost $27,000. The forecast budget for the following four years is lower, as low as $1,604,583 in 2016, and a high of $1,685,804 in 2018.
Valemount’s budget also shows a dip in the forecast. It shows $2,679,094 for 2014, followed by almost successive decreases, with a low of $1,599,472 in 2018.
For McBride, 19 per cent ($438, 341) of revenue for 2014 will come from property taxes; 11 per cent ($239, 600) from user fees and charges; and 70 per cent ($1,587,165) from other sources. Property taxes will be distributed among the property classes, with 49 per cent ($215,479) coming from residential properties; 40 per cent ($174,477) from business; 8 per cent ($34,840) from utilities; and about 3 per cent from light industry, recreation and non-profit and farm properties.
In Valemount, 24.5 per cent of revenue for 2014 ($756,901) will come from property taxes; 18 per cent ($560,300) from sales and user fees; 36 per cent ($1,102,611) from grant revenue; 7 per cent ($225,000) from hotel and resort tax; 12 per cent ($367, 818) from transfers; and about 3 per cent from licenses and permits, rentals, and investments and penalties.
For Valemount’s property taxes, 73 per cent will come from residential (with a total value of $77,297,700), 26 per cent ($27,442,000) from business; and about 1 per cent from utilities, light industry and recreation properties. Permissive tax exemptions were granted for 2014 for three non-profits: the Valemount Curling Club, Lions Club and the Legion.
The use of permissive tax exemptions are listed in McBride’s Annual Municipal Report, which was not available by press time. There were no permissive tax exemptions granted for 2013.
Five-year financial plans must be adopted before May 15 each year, according to the Community Charter. The bylaw must state the proportion of total revenue that comes from each funding source, the distribution of property taxes among the property classes, and the use of permissive tax exemptions.