Council Adopts Five Year Financial Plan

Sooke, BC – May 13, 2011

District of Sooke Council adopted its Five-Year Financial Plan (2011 - 2015) and its 2011 Tax Rates Bylaws on May 9th , 2011.

The Financial Plan is founded upon Council's seven strategic goals:

1. Well Planned, Sustainable Community

  • $7,500 funding for the development of an Agricultural Plan
  • $20,000 funding for the development of a Downtown Parking Plan
  • $75,000 funding for the development of a Solid Waste Management Plan
  • A further $20,000 funding for the completion of the Zoning Bylaw review
  • $5,000 funding for the development of a Affordable Housing strategy

2. Responsible Stewardship of the Environment

  • $350,000 funding for the installation of a round-about on Sooke Road to reduce vehicle idling and green house gas emission

3. Proactive Improved Infrastructure

  • $135,000 to resurface Maple Avenue to be performed in conjunction with Capital Regional District Water Department’s water main upgrade
  • $50,000 for culvert replacement
  • $22,700 for installation of new public garbage receptacles, street lighting and glass transit shelters File No.
  • $2,980,000 funding for the construction of an alternative connector road from Phillips Road to Charters Road

4. Diverse and Vibrant Local Economy

  • $5,000 funding for the establishment of a community radio
  • $10,000 funding for District hosted conventions
  • $35,000 funding for promoting and marketing the Sooke region in conjunction with Rogers’ Sportsnet

5. Sustainable Financial Management

  • Establishment of the Capital Asset Replacement Reserve matches the District’s needs for investment in capital with available financial resources and to minimize borrowing.

The Financial Plan bylaw has a requirement to generate $6,124,644 in municipal property taxes to balance the general operating fund. It is estimated that the average residential property tax increase would be 2.99% for municipal operations only.

The Tax Rate Bylaw proposes that the average residential property with an assessment of $371,649 will pay $2,304 (2010 - $2,249) in property taxes which equates to an annual increase of $35 (2010 - $46) related to the municipal portion of the taxes.

If you want to learn more about our Financial Plan, please go to the following link: http://sooke.ca/EN/main/government/finance/financial_planning.html

For more information, contact:
Sue-Lin Tarnowski
Director of Finance District of Sooke
tel: (250) 642-1634 fax: (250) 642-0541