City council will consider a proposal on Monday night to sell a as many as 20 city-owned pieces of property in the name of raising revenue and cutting costs.
In a notice of motion, Coun. Kyle Sampson is proposing staff draft a list of 10 properties with buildings on them and a list of 10 undeveloped sites to be sold either to the tenants or to developers.
The city owns a number of high value properties, as well as a number that require a large amount of financial assistance not offset by the revenues of usage or tenancy, according to Sampson.
"The sale of these properties can create a net positive impact to our overall budget, as well as increase available property for commercial and residential development and usage," he said.
Also on the agenda:
- A revised set of guidelines for the way the city conducts its finances will be brought to council.
The measures include a change in the point at which staff must seek council's permission to amend a budget.
It's currently set at $1 million per project or service and the finance and audit committee is proposing it be changed to a cumulative level of five per cent of the total operating budget.
"This will allow the limit to naturally scale with the city's budget growth and will place a more defined limit on the amount by which administration may amend the financial plan," Coun. Garth Frizzell said in a report to council.
The city's operating budget sits at about $150 million, which would give staff $7.5 million worth of discretion. However, once capital spending is include, the city's budget for this year adds up to about $200 million.
- A five-year asset management strategy and roadmap will be presented to council.
As of 2017, the city's assets were valued at nearly $3 billion. Many were built in the 1970s and "will need to be strategically replaced while also supporting the city in meeting its service sustainability and climate change adaptation and mitigation goals," according to the strategy.
- A bylaw setting the rates households and businesses will pay for property taxes this year will be up for final reading.
Pending final approval, owners of residential property will pay $7.34 per $1,000 of assessed value.
Although down from $7.60 last year, the owner of a typical home, valued at $300,680 will pay an extra $91 - pushing the bill up to $2,207 - to reflect the 4.3-per-cent increase in the tax levy.
Add on the city's share of taxes for the Fraser-Fort George Regional District and the bill rises a further $315, compared to $252 last year.
Those with homes valued below that level will see a smaller increase while those with homes above that level will see larger increases.
Businesses will pay $17.17 to the city and $2.59 to the FFGRD, major industry $53.32 and $3.59, and light industry would pay $27.62 and $3.59, with them accounting for 28.67, 2.82 and 13.2 per cent of the levy respectively.
Residential properties account for 67.3 per cent of the city's total assessed value. Business makes up 26.6, major industry 2.46 and light industry 0.97 per cent.
The total levy stands at just under $110 million.
- A public hearing will be held for a proposal to add more apartment buildings at the foot of University Way.
Specifically, it is to allow as many as 125 units per hectare over a 2.5-hectare site at 1755 Foothills Boulevard.
As part of a consultation process, the city sent out 159 letters on March 6 seeking requests for comment by April 11. None was received, according to a staff report.
The hearing begins at 7 p.m.
