Princeton town council decided at a recent meeting to extend the budget consultation process.
James Graham, town director of finance, said the reason for the move was to put forward some ‘tweaks’ to the proposed 2021 financial plan.
The three per cent increase in water and sewer rates was missed in the original draft, an administrative error.
He also said, after B.C. property assessments were judged, there is a $166,000 shortfall in expected taxation revenue.
“The tax revenue was adjusted,” he noted.
The deficit from the originally proposed budget will not affect the five per cent proposed tax increase, said Graham.
Related: Town hall proposes five per cent tax increase for 2021
Instead, his department will look to offset that lost revenue through expenses.
“There’s always a little bit of expense built into the budget,” he said, citing an example in snow removal and maintenance, to cover contingencies.
If that is not sufficient the dollars will be taken from reserve funds.
Residents have until Feb. 12 to make submissions on the budget, which includes $2.87 million in capital spending, most of which is dependent on grants from other levels of governments.
Graham said he has received seven emails from residents in response to the budget.
The budget has received two readings from council, and is expected to receive a third reading this month before final approval in March.
Related: Princeton councillor wants to engage about proposed budget – but not on Facebook
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