Sidney finalized the town's five-year budget at a special meeting on Tuesday (March 11).
Council unanimously approved property tax rates for 2025, which includes a 10.67 per cent property tax hike.
Infrastructure, police and fire services upkeep are just a few of the many costs covered by the $31 million operating budget and the $9.6 million capital budget. Additionally, climate adaptation, active transportation and environmental projects are emphasized in the financial plan.
On Feb. 3, the first draft of the 2025-2029 budget was submitted to council. It forecast a 12.85 per cent increase in general taxes, potentially increasing property taxes by $230 or $19 a month.
Following two weeks of public consultations and review by the budget committee, council was able to reduce the general increase by 2.18 per cent, leading to an increase of $191 or $16 a month for the average homeowner – the highest tax increase for Sidney in recent decades.
“Council identified a number of opportunities to reduce this year’s tax increase below the initial proposed rate of 12.85 per cent; however, due to external forces, we are not able to bring the tax rate down to the very modest levels community members are accustomed to in Sidney,” said Mayor Cliff McNeil-Smith."
Construction inflation, which has recently surpassed general inflation by 100 per cent, is one of the main causes influencing the property tax increase. Cost of protective services (RCMP and fire) improvements is another factor, contributing to a 4.35 per cent increase.
B.C.'s transfer of housing, emergency management and fire services to municipalities resulted in a 2.24 per cent rise in police dispatch expenses in 2025, with more expected to come in 2026.
“Through this financial plan, we are enhancing protective services for our growing community and maintaining the services that make Sidney a wonderful place to live and do business,” McNeil-Smith added.
Sidney's property tax for 2024 was 6.04 per cent.
