By Canadian Press

Vancouver proposes tax hike as COVID-19 digs a $100-million revenue hole

Nov 24, 2020 | 12:48 PM

VANCOUVER — The City of Vancouver says the COVID-19 pandemic has had a “significant impact” on its finances, including a projected $85-million drop in revenue and $13 million in additional costs.

But because of the financial challenges the pandemic has posed for residents and businesses, a statement says council has directed staff to prepare the budget with property tax increases of no more than five per cent. 

The city says the increase would help cover the cost of normal programs and initiatives that have also faced additional operating costs.

The draft operating budget for 2021 is $1.6 billion, $17 million less than the original planned budget.

The city warns that as the budget is less than previous years, some planned initiatives will need to be deferred.

no snow

Chances of a white Christmas for Nanaimo 'quite remote'

9h ago

vehicle damage

Over 40 vehicles damaged during late-night Nanaimo vandalism spree

16h ago

rising costs

RDN taxpayers want relief as board grapples with budget

20h ago

The budget is scheduled to be presented to city council on Dec. 1.

This report by The Canadian Press was first published Nov. 24, 2020.

The Canadian Press