If everything goes according to plan, the District of Squamish will take out some loans to put toward work in the community.
On May 21, Squamish council unanimously approved three readings of numerous bylaws that would allow the District to borrow money for local infrastructure projects. With the approval, the District now must go through an electoral approval process prior to adoption, which will either be a referendum or, as staff recommended, an alternative approval process (APP).
Some of the projects involved include the expansion of the cemetery, adding the sea dike to Xwu’nekw Park, installing a drainage pump at Whittaker Slough, and bridge resurfacing at Mamquam Bridge.
In total, the District is taking on about $27.5 million in borrowing, with the majority going towards the Wastewater Treatment Plant Headworks building replacement project at about $12 million. That project would add an annual cost of about $86.20 each to property owners, as it is funded through wastewater utility fees.
Meanwhile, by combining the other projects, residential property owners can expect to pay an annual increase of about $5.94 per $100,000 assessed value.
An average detached home based on the 2024 BC Assessment in Squamish was $1.475 million, which would equate to about an increase of $87.62 over a year. From the same assessment, an average strata home lands at approximately $830,000, equating to an increase of $49.30 over a year.
Owners of businesses will owe a little more annually at $14.90 per $100,000 assessed value.
The director of financial operations for the District, Reann Sousa, noted to council that this borrowing keeps the District below its self-imposed 20% of revenue limit, only reaching 15.7%.
Council also unanimously approved repealing some loan authorization bylaws as the funding sources had changed for them.
These bylaws will be forwarded to the Inspector of Municipalities for approval first before going ahead with the electoral approval process.
View the projects and implications in full on the May 21 council agenda at squamish.ca.
