The impacts of a ‘yes’ vote for a new pool on Victoria’s taxpayers will take the spotlight when budget considerations come before council later this month.
Council was set to talk budget and consider options to trim a currently proposed 12 per cent increase in taxes for this year. Instead, Mayor Marianne Alto suggested they have staff incorporate the impacts of the coming pool project for more concise consideration.
Last fall, staff put forward a proposal for a 12.17 per cent tax increase for 2025 at the start of budget deliberations.
The increase aims to replenish city reserves and upgrade infrastructure, with staff saying lack of investments in capital and reserves in the past created a difficult financial situation.
In November, council tasked staff with bringing back options that could reduce increases to four to seven per cent by reducing, avoiding expansion, or adding new services or programs.
During the Feb. 8 referendum 58.71 per cent (9,115 votes) of electors supported the Crystal Pool project – estimated to cost $209.2 million with a loan of $162.2 million.
A Dec. 12, 2024 staff report outlines the options, and will return with implications of the pool project during the Feb. 27 council meeting.
The final draft budget is expected by late April; May 15 is the deadline for B.C. municipalities to adopt budgets.
