City council approved Tuesday (March 3) a $1.2 billion operating budget and a $306 million capital budget that translates to a 2.4 per cent tax hike and means a home worth $1 million will see an estimated increase of $44 per year.
Property tax for commercial properties is currently 4.5 times the residential rate.
The increase, however, doesn't include the anticipated hikes in utility fees, including sewer, water and solid waste, bringing the total increase in taxes and fees for a $1 million property to about $88 per year.
The ruling Vision Vancouver council supported the 2.4 per cent hike, with Coun. Geoff Meggs pointing to a $61.3 million investment in affordable and social housing, $38.4 million in transportation upgrades and $3 million for more childcare spaces.
"The [tax] increase continues to be lower than many of our peers in the region — significantly lower in some cases — and protects all of our services while providing growth in certain areas," Meggs said during Tuesday's debate.
NPA Coun. George Affleck unsuccessfully attempted to have the budget vote delayed when he suggested city staff see if it could find $6 million in cuts to lower the tax hike to 1.4 per cent.
"There's room for improvement here," said Affleck, noting cuts could be found in funding increases to the offices of the mayor and city manager. "Those are two line items that jumped out at me. If we're going to show people of this city that we're doing a better job at how we manage the city and how we manage our finances, those are two areas where I would have liked to see a decrease to prove that we're walking the walk."
Vision councillors shot back, saying Affleck was insulting city staff which had worked for several months on balancing the budget.
NPA Coun. Melissa De Genova defended Affleck, saying he was simply wanting staff to examine whether a tax decrease could be achieved.
"We have to exercise a certain amount of decorum because right now it feels like high school," she said, referring to the acrimonious debate in the council chambers.
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