WHEREAS the Province has developed a property tax deferment program which is being expanded to include families with children under the age of 18; AND WHEREAS municipalities do not receive payment for the deferred taxes until well after their property tax penalty date and have foregone the penalty, while the Province collects an administration fee and interest from the property tax penalty date and does not in turn compensate affected municipalities: THEREFORE BE IT RESOLVED that the Province of BC transfer to municipalities the interest earned from the property tax due date to the date of the actual payment.
Ministry of Finance The Province currently provides funding to local governments through a variety of sources and programs e.g. Traffic Fine Revenue Sharing, Towns for Tomorrow, Building Canada Fund, unconditional Small Community and Regional District Basic Grants. Any proposed transfer of additional funds to local governments must be evaluated in the context of the governments need to fund essential services.