WFN Council Approves Annual Budget
April 11, 2022 – WESTBANK: Westbank First Nation (WFN) Council gave final approval to the 2022-2023 annual budget on Monday, March 28. Prior to WFN Council approval, the local government and property tax budget was reviewed and accepted by the WFN Advisory Council, which represents the more than 10,000 residents on WFN lands.
“The budget process is one of the most important exercises WFN’s Advisory Council assists Chief and Council with each year,” says Acting Advisory Council Chairperson, Ludwig Teichgraber. “We were very pleased with the process of preparing this year’s Local Government Services Budget, setting property taxation rates and determining how collected property taxes will be spent.”
In 2022, property taxation revenues will total $17.3 million, a 7.5% increase over 2021. With average residential property’s gross taxes up $118, or 5.35%, 4608 taxable residents will pay an average of $1,745 after WFN’s Homeowner Grant. “WFN’s tax increase, which translates into an increase for an average residential property of just over 5%, is in line with current inflation levels and ensures WFN continues collecting the necessary tax revenues to fund services the community expects from the WFN government,” says Chief Christopher Derickson.
For 2022, BC Assessment data reflects a total assessment value increase of 30.7% to total $2.9 billion in assessed taxable property on WFN lands with 6.58% of the growth rate being driven by new construction on WFN lands totalling $148.09 million. Market values increased total assessments a further 24.21%. Total residences increased by ten to 4,608 in 2022 and businesses grew to approximately 550 businesses. WFN ranks as the 58th largest in the 162 registered municipalities in British Columbia.
Property tax notices will be mailed in late May, and the final deadline for payment without penalty is July 2, 2022. An annual update to residents from Chief Christopher Derickson and Advisory Council Acting Chairperson, Ludwig Teichgraber will be available on wfn.ca May 25th at 4PM.
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