The annual listing of Community Enhancement Grants comes with tonight's final public session for Prince Rupert City Council, with the City's Chief Financial Officer outlining the process towards the final accounts for 2023.
Of note from CFO Corinne Bomben's report, which you can review below, is that two organizations the Prince Rupert Library and the SPCA have yet to finalize their funding requests for 2023.
As well Ms. Bomben's report notes of the challenges to the city from a mother areas that could impact towards the program.
The report noting that there is: minimal new taxation from new builds expected, along with potential federal grant in lieu losses and annual major industrial taxation reductions. This combined with anticipated cost increases due to inflation results in an expected tax increase larger than that adopted in the 2022 budget. Capital projects continue to be financed through as many other sources of revenues as possible to mitigate fee and tax increases for ongoing infrastructure renewal.
Towards this years Community Enhancement Grand Process, a tax increase is estimated at 1 percent to bring in the 200,000 dollars required for 2023.
A 1% to 1.2 % tax increase is estimated to bring in approximately $200,000 in 2023. If Council were to award all the requests of the repeat and new applicants, the tax increase required to finance community enhancement grants would amount to approximately 0.80%. Adding in the funding by agreement/special conditions organizations, the tax increase rises by 0.40% for a total of 1.2%
 |
| click to enlarge |
The requested schedule of funding for the Grant requests is outlined below:
 |
| click to enlarge |
Council members will have opportunity to discuss whether they accept the recommendations, as well as to how they wish to move forward with the annual program following the review of the report at tonight's Council Session.
The full report can be reviewed through the Council Agenda package starting on page 12 .
More notes on today's City Council Session can be reviewed from our Council Preview.
Cross posted from the North Coast Review.
No comments:
Post a Comment