Vancouver budget sets property tax increase at 7.5 per cent

Vancouver residents will have to pay more in residential taxes next year, which is set to increase by 7.5%.

According to Vancouver Mayor Ken Sim, city staff presented the 2024-2028 Budget Outlook in June.

It was projected to grow by 9.5% until the cuts were made. Sim said the council asked staff to figure out the savings after which the increase could be capped at 7.5%. 3% of this will be given to the Vancouver Police Department, whose budget for the year 2024 will be half a billion dollars, i.e. about $472 million.

Sim was successful in getting support from the council to support a $100,000 increase in discretionary spending for his office and an additional $80,000 for the city clerk's office. The Vancouver Public Library also received another $180,000, bringing its 2024 budget to $67 million.

The city's operating budget for 2024 will be $2.2 billion, of which $367.8 million will be spent on capital projects such as sewer replacements. The 2024 budget for the Vancouver Park Board will be $248 million.