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MEDIA RELEASE IMMEDIATE RELEASE May 11th, 2011 3.6% Property Tax Increase Unsustainable Victoria, BC – The Greater Victoria Chamber of Commerce is concerned about the sustainability of the District of Saanich’s 2011 budget and the movement to address the district’s commercial to residential rate gap. The gap took a step backward increasing from 3.58 ratio last year to a 3:78 to 1 ratio in the new budget; in addition the District drew on just under $10 million dollars (net) from its reserves in order to balance the budget. “The District of Saanich would have needed to raise property taxes even further if not for the money that they took from their reserves. Like any household in our community you must live within your means, you can’t go cashing in your RRSPs just to keep paying the bills. You have to take a serious look at what it is you can afford,“ said Bruce Carter, CEO of the Greater Victoria Chamber of Commerce. “The Chamber recognizes the tough economic conditions that the region has faced and we believe there needs to be a stronger emphasis on controlling spending amongst all municipalities,” said Carter. The small business community is the backbone of our region’s economy, representing over 75% of all businesses in the region, and is the engine of job creation in our local economy. In conjunction with efforts to reduce red tape, fair property tax levels are an important part of supporting small business. For businesses and residents alike, an important consideration and a challenge to be solved is the disparity between the growth in municipal budgets and the growth of our local economy and wages paid. Increases of 3.6% while our region’s economy grows by 1.7% and household incomes increase by just over 2% are ultimately unsustainable. "In order to address this growing divide municipalities must thoroughly examine what services and infrastructure they provide and how they are delivered. If we do not address these issues now, we will find ourselves increasingly unable to compete and will lack the resources needed to support our quality of life in the future. The Chamber will continue to strongly advocate for reforms and a level of transparency that supports prudent spending, community involvement and, most importantly, sound decision-making." said Carter. The Greater Victoria Chamber of Commerce has close to 1,500 members and is the voice of business for the Greater Victoria region.The Greater Victoria Chamber has received Accreditation with Distinction from the Canadian Chamber of Commerce. -30- For more information contact: Ellen Henry Bruce Carter Manager of Member Communications Chief Executive Officer Greater Victoria Chamber of Commerce Greater Victoria Chamber of Commerce Email: ehenry@gvcc.org Email: bcarter@gvcc.org Cell: 250-812-0510 Cell: 250-889-2271
MEDIA RELEASE
May 11th, 2011
3.6% Property Tax Increase Unsustainable
Victoria, BC – The Greater Victoria Chamber of Commerce is concerned about the sustainability of the District of Saanich’s 2011 budget and the movement to address the district’s commercial to residential rate gap. The gap took a step backward increasing from 3.58 ratio last year to a 3:78 to 1 ratio in the new budget; in addition the District drew on just under $10 million dollars (net) from its reserves in order to balance the budget.
“The District of Saanich would have needed to raise property taxes even further if not for the money that they took from their reserves. Like any household in our community you must live within your means, you can’t go cashing in your RRSPs just to keep paying the bills. You have to take a serious look at what it is you can afford,“ said Bruce Carter, CEO of the Greater Victoria Chamber of Commerce. “The Chamber recognizes the tough economic conditions that the region has faced and we believe there needs to be a stronger emphasis on controlling spending amongst all municipalities,” said Carter.
The small business community is the backbone of our region’s economy, representing over 75% of all businesses in the region, and is the engine of job creation in our local economy. In conjunction with efforts to reduce red tape, fair property tax levels are an important part of supporting small business. For businesses and residents alike, an important consideration and a challenge to be solved is the disparity between the growth in municipal budgets and the growth of our local economy and wages paid. Increases of 3.6% while our region’s economy grows by 1.7% and household incomes increase by just over 2% are ultimately unsustainable.
"In order to address this growing divide municipalities must thoroughly examine what services and infrastructure they provide and how they are delivered. If we do not address these issues now, we will find ourselves increasingly unable to compete and will lack the resources needed to support our quality of life in the future. The Chamber will continue to strongly advocate for reforms and a level of transparency that supports prudent spending, community involvement and, most importantly, sound decision-making." said Carter.
The Greater Victoria Chamber of Commerce has close to 1,500 members and is the voice of business for the Greater Victoria region.The Greater Victoria Chamber has received Accreditation with Distinction from the Canadian Chamber of Commerce.
-30-
For more information contact:
Ellen Henry Bruce Carter
Email: ehenry@gvcc.org Email: bcarter@gvcc.org
Cell: 250-812-0510 Cell: 250-889-2271