VANCOUVER – Vancouver City Council has approved a $2.2 billion operating budget for 2024 and a capital budget totalling $367.8 million.
For the 2024 capital budget, Vancouver is prioritizing the delivery of $1.25 billion in previously approved multi-year capital project budgets along with proposed additions of $368 million, a release stated.
The 2024 capital expenditure budget of $782 million represents a seven per cent increase compared to 2023, and the operating budget reflects an overall property tax increase of 7.5 per cent, composed of one per cent for additional infrastructure renewal, 3.5 per cent for funding across all city services and a three per cent increase for Vancouver police department services.
The average property tax increases for 2024 are:
- $98 for a median residential strata unit (assessed at $804,000)
- $168 for a median overall residential unit (assessed at $1,371,000)
- $260 for a median single-family home (assessed at $2,124,000)
- $472 for a median business property (assessed at $1,272,000)
The updated final budget documents will be made available online and currently the 2024 draft budget is also available.
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