Surpluses are a “rainy-day” fund for municipalities, but the millions set aside for contingencies raise questions when taxes are being raised.
A commentary by the vice-chair of Grumpy Taxpayer$ of Greater Victoria, a citizens’ advocacy group for municipal taxpayers.
Taxpayers should be aware that data from the province shows that in 2021 the 13 municipalities in the capital region had a combined $222.7-million annual surplus. Councils have the option of using a surplus — or a fiscal stabilization fund if they have one — to moderate property tax increases in 2023. It remains to be seen how many local politicians will exercise that option.
Provincial government data shows that in 2021 municipalities had a combined $3.1-billion surplus. That’s remarkable considering the collective surplus was $1.2 billion in 2012 and there have been two punishing pandemic years. And for the most part, inflation was historically low during that period. Not all jurisdictions have the same policies on what they can do with the surplus or provide the same services requiring a budget: Highlands and Metchosin have no municipal water or sewer services. Esquimalt and North Saanich receive substantial payments in lieu of taxes from the federal government for the military base and the airport. Sooke owns and operates its own sewer treatment plant.
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