NANAIMO FINANCIAL PLAN FIRST THE GOOD NEWS

 

Do City Councilors Understand The Plan?

NANAIMO FINANCIAL PLAN: FIRST, THE GOOD NEWS

If you work for the Corporation of the City of Nanaimo, there’s a good chance you can look forward to continued wage increases under the new financial plan. Whether those raises match the recent 11.5% bump remains to be seen, but the trend is clear.

If you're one of the City’s preferred contractors or suppliers, odds are good that this plan also works in your favour.

And if you’re part of the ever-expanding unhoused population, take heart: the City’s fastest-growing sector appears to be receiving continued funding and support.

THE BAD NEWS?

Well, if you’re a taxpayer hoping for fiscal restraint, don’t hold your breath.

This Council continues to operate in a "tax and spend" mindset, seemingly oblivious to the fragile state of Nanaimo’s economy. Many residents are already maxed out, struggling to keep up, but City Hall appears content to follow staff recommendations without question or pause.

From the City's website to be presented at the May 12 Council meeting.

READING BETWEEN THE LINES

We get it—financial reports can feel like Nyquil in paper form. Maybe that’s the point. Here’s a quick breakdown that doesn’t require a degree in accounting:

Table 1: Where City Revenue Comes From

Taxes and Fees Combined: 83.02% of all City revenue

Property Taxes Alone: 60.66%

User Fees: 22.40%

Let’s be honest—“user fees” are just another kind of tax, no matter what they call them.

Table 2: Who Pays the Taxes?

Residential Properties: 68.61% of all taxes

Business and Other: 27.5%

Think that 27.5% isn’t your problem? Think again. Most businesses in Nanaimo serve Nanaimo residents—so guess who ultimately foots the bill?

WHAT THIS PLAN MEANS FOR YOU

From 2025 to 2029:

Property tax revenue will increase by $35,068,214 — up 20.85%

Fee revenue will increase by $9,042,404 — up 14.56%

LOOKING BACK TO 2023:

In 2023, total revenue from taxes and fees was $202,123,532.

By 2029, it’s projected to hit $274,416,044.

That’s a total increase of $72,292,512, or 35.76% in just six years.

2025 TAX RATES?

Frankly, all those decimals don’t make much sense to us either. We’ve asked Mayor and Council to explain it—preferably slowly, using small words—so we might follow along.

YOUR TAKEAWAY:

2025–2029: Property taxes up 20.85%, fees up 14.56%

2025–2029: Combined taxes and fees up 35.76%

So... feeling richer yet?

Jim Taylor Editor VOICE of NANAIMO