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Council has introduced and given first and second readings to the 2026-2030 Five-Year Financial Plan, which includes a 6.5% municipal property tax increase to maintain municipal services, invest in essential infrastructure, and support long-term financial sustainability.
Council considered several budget scenarios including an 8.1% and 7% increase, before selecting the 6.5% increase. This approach maintains core service levels while moderating the impact on residents.
Public input received during the budget process helps inform Council’s decision and remains an important part of the Town’s financial planning.
What This Means for Residents
For a typical home assessed at the Town average, the increase represents approximately $13 per month in municipal property taxes. Individual impacts may vary depending on property assessment changes.
Investing in the Community
The budget is intended to improve operational efficiency and enhance service delivery, while addressing inflationary and contractual cost pressures, including increases to supplies and materials, wages, benefit premiums, insurance, policing, and other mandated expenditures.
Approximately 51% of taxes collected by the Town are levied on behalf of other agencies, including the Province (school taxes), Regional District of Nanaimo, Vancouver Island Regional Library, and Nanaimo Regional Hospital District. These agencies independently set their rates, and are not included in the Town’s municipal tax increase.
Next Steps
- March 25 – Financial Plan Bylaw presented for third reading
- April 1 – Financial Plan Bylaw presented for final adoption
Visit the Financial Plan Project page for more information.
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