City council settled on its 2020 financial plan and residents of Campbell River will see an increase in municipal taxes next year.

After many months of planning and preparation, council deliberated over three days and settled at a rate of 2.9%.

City staff originally proposed a rate of 3.16% and through the course of financial planning and deliberations, the lower percentage was settled.

“When you take into consideration the number of major infrastructure projects that are going on in the city and the fact that utilities and the rate of inflation are in running in access of 2%, I think we’re right in the ballpark,” says Mayor Andy Adams. “We are still able to maintain services, provide enhancements, and keep moving ahead with the capital projects we would like to see.”

Adams says that with the loss of major resources 10 to 15 years ago, Campbell River took a significant hit in property taxation.

“What we’ve tried to do with our 10-year financial plan is bring the tax rate down so that we are in the average level of comparable communities of our size across the province. I am pleased to say that we are now there, we are not the lowest and not the highest. We’re right in the middle, giving us a competitive advantage for people looking here,” Adams added.

The final financial plan will be presented to council on Dec. 11th so it can be adopted on Dec. 16th.