Financial Plan Bylaw

Recent weeks have seen City Council make decisions regarding the 2025-2029 financial plan, and the December 16 meeting of Council included passage of our Financial Plan Bylaw. This is a provisional budget, still open for modifications until final adoption by May 15, 2025. Recent additions to this budget included funding for 12 new RCMP members, 10 new Community Safety Officers, and an increase to the annual operating grant for the Restorative Justice Program. At this point, the projected property taxes for Nanaimo residents in 2025 are: general asset management reserve of 1%, and general property tax increase of 7%. Projected 2025 user rates increases are: water 5%, sewer 4%, sanitation 5.7%. The projected impact to the typical home is $227 for municipal taxes or approximately $19 per month. More details to come in a future post.