OAK BAYNEWS
report on business in Greater Victoria
progress2012 Inside today Wednesday May 2, 2012
ANCHORS AWAY The region and shipbuilding
THE S-WORD Business and sustainability
PROTEIN POWER
How is the economy doing in Greater Victoria, and what will the next year bring for local business? Find out in our annual report on business. * Distributed in selected areas
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The wonders of Watoto African children’s choir joins up with Tenore trio for feature performances. Entertainment, Page A13
2045 Cadboro Bay Rd, Victoria
250-595-1535 www.boorman.com
Cutting edge science in Victoria
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Wednesday, May 2, 2012
Sharon Tiffin/News staff
Sailor takes a stand Simon Pearson takes to his paddle board in his Royal Victoria Yacht Club blazer and whites while others opt for a more traditional mode of transportation during the club’s opening day sailpast on Saturday.
Reserve funds will go to new plows and mowers Vivian Moreau News staff
Just like the 99 per cent, municipalities have to dip into savings to buy big ticket items. Which is what Oak Bay council did this year to finance purchases such as new recreation centre furnishings, a new cop car, and the dull but necessary sewer pipe lining. Repaving of Foul Bay Road, a new
snow plow, boom truck, and lawn mowers will also be financed from a collection of reserve funds. Oak Bay council approved its 2012 budget of $31,582,000 this week, including withdrawing monies from four reserve funds for more than a dozen purchases and projects. Oak Bay Coun. John Herbert is a retired accountant and numbers watchdog. “It’s probably a little higher than we
OAK
BAY
tomf@vreb.bc.ca
(council) all would have liked,” he said about the budget. “It’s not a bad budget. It’s reasonable, and starting to move to improving our roads, which are in pretty tough shape, is very important.” Oak Bay municipality derives its revenue from property taxes, 97.5 per cent of which are residential, and from other sources such as fee collection and reserve funds. Both commercial and residential property owners pay
the same tax ratios. This year the property tax increase is 3.44 per cent, an average of $90 per house. The rate is 3.0136 per $1,000 assessed value. This includes an additional one-half per cent to start a reserve fund for transportation infrastructure renewal. Property tax notices will be sent out after the rate is approved at a May 14 council meeting. Taxes are due July 1. editor@oakbaynews.com
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