City Council announces rates and taxes increase for 2012

Dec 22, 2011 News

The Mayor and City Council (M&CC) has announced increases in residential and commercial rates and taxes in its draft 2012 Budget.
There were no increases in rates and taxes since 1997, says Treasurer, Andrew Meredith.
The official, during a press briefing yesterday at City Hall, disclosed that the proposed budget caters for increases in residential and commercial rates and taxes from 40 percent to 51 percent and from 250 percent to 320 percent respectively.
The Council’s major earnings, he explained, are gathered from tax collections. However, many individuals and businesses have been errant in payments, a major problem for that body.
Only recently, the Council introduced a 42-day amnesty period waiving up to 100 percent in interest, with little success.
However, that may very well be the last amnesty offered since the Council is continuously losing revenue. For that amnesty period, the Council had projected outstanding payments to be $300M. That was not achieved. Instead the Council received $171M and waived $190M.
Revealing details of the draft budget, Meredith noted that the Council is hoping to collect $1.9B in revenue. In addition, it is also anticipated that the Council will collect Government’s subvention of $35 million- this is a regular support from Government.
“It is also proposed that the Council will pursue initiatives to garner contributions not necessarily in cash and that is expected to be in the region of $460 million,” he said.
The draft budget is reflecting a deficit of $500M. This gap is expected to be bridged either by contributions or by the “small increases” proposed in the rates and taxes.
Activities of the Administrative Department, like the Town Clerk Department, are expected to see an estimated $3M raised. The Council anticipates that the City Constabulary with their activities and the implementation of the bylaws will earn $3.1M.
Meanwhile, the Council is hoping to earn $52M from the Public Health Department; $67M from the City Engineers Department; $10M from the Solid Waste Management Department and $270M from the Markets Department.
In terms of expenditure, the City Engineers Department will take the lead role in utilizing majority of the expenditure to a tune of $795M. This will allow the department to improve its services in drainage including kokers and canals and road maintenance.
Meredith noted that the Council is expected to expend $480M on Administration; $278M on the City Constabulary Department; $367M on the Solid Waste Management; $245M on the Markets Department; and $138M on the Finance
Department.

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City Council announces rates and taxes increase for 2012

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