News

City of Terrace Reduces Proposed Tax Increase to 4.5% and Waives Penalties for Late Payments to October 1

Effects of COVID-19 on City funds include revenue loss approaching $500,000
Finance
April 23, 2020

The City of Terrace has reduced the proposed tax increase from 7.4% to 4.5% in order to help provide relief to both residents and businesses facing the challenging financial implications of COVID-19. A decrease of 2.9%, this lower rate was introduced as an amendment to the City’s provisional 2020–2024 Financial Plan and was adopted at the April 23 Budget Meeting.

“Since we adopted our provisional budget earlier this year, the whole world has changed. We know that everybody is struggling right now in one way or another and we were determined to find ways to support our community. Council directed staff to reduce the increase and we have achieved that,” said Mayor Carol Leclerc.

Read the news release

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