PenderBlog From The Pender Islands Of Canada

March 23, 2010

Trust Council debates budget…

Filed under: Governance and Legal — Jocko @ 11:32 am

From the Islands Trust:

The Islands Trust has released a revision of it’s proposed budget for 2010-2011 (download the budget document here:  budget2010-11summary-1.pdf).

If approved by Trust Council, the proposed Islands Trust budget for 2010-2011 would increase the Islands Trust’s portion of property taxes by approximately 3.7 percent. This represents an increase of about $10.00 for a typical residential property with an assessed value of $450,000.

Who Makes the Final Decision About The Islands Trust Budget?

Decisions about the Islands Trust budget are made by the Islands Trust Council, which consists of 26 trustees elected from across the Islands Trust Area.  In March of each year, the Islands Trust Council meets in public to debate the budget for the upcoming fiscal year.  This year, the meeting will be held on Hornby Island on March 23-25.

Trust Council considers the recommendations of its Financial Planning Committee and reviews all of the input received from the public. This process may lead to changes in the final budget. Once an agreement is reached, Trust Council approves a budget bylaw and forwards it to the Minister of Community and Rural Development for approval.  The budget is not final until it receives ministerial approval.

Providing Your Input

All input provided by the public will be considered by Trust Council before it adopts a final budget for fiscal year 2010- 2011.  In early February, those interested in providing written comments were requested to do so by February 19.  All comments received by that date were included in the Trust Council’s agenda for its meeting that begins on March 23.

If you have additional comments, please talk to one of your elected trustees: You can find the names, email addresses and phone numbers of our 26 elected trustees on the Islands Trust website at www.islandstrust.bc.ca

Make a presentation to the Islands Trust Council meeting on Hornby Island on March 24.  Some individuals have already booked time to make a formal delegation to Trust Council on March 24.  Trust Council will give persons or organizations without a reserved appointment an opportunity to speak if time permits.

March 30 UPDATE:

On March 24th, the Islands Trust Council approved a new annual budget for 2010/11 that will enhance environmental preservation and protection. Trustees debated the funding challenges associated with the core work of the Islands Trust for several hours, taking into account public input about the current economic situation, public requests for services received throughout the year, and legislative changes that have created new workloads for staff and trustees.

Trust Council approved a budget of $6.4 million, representing an increase in property tax of 4.6%* or approximately $2.77 per $100,000 of assessed property value. A typical residential property assessed at $450,000 can expect a property tax increase of approximately $12.45 as a result of the Islands Trust’s budget decision. For a typical property owner, Islands Trust taxes only account for approximately 10-20% of total property taxes, depending upon location and other components of the tax bill.

The most significant budget additions relate to two new staff positions: a Planner for Salt Spring Island and a Legislative Services Manager.

*Note:  The inflation rate in Canada was 1.60% in February of 2010.  Inflation rate refers to a general rise in prices measured against a standard level of purchasing power.

Read more about the inflation rate here:  http://www.tradingeconomics.com/Economics/Inflation-CPI.aspx?Symbol=CAD

(emphasis by Jocko, moderator of PenderBlog)

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