News Leader News for May 12, 2009
RECESSION DELAYS MINE OPENING
Town Council has revised its priorities due to new information about the mine opening at Copper Mountain. Council learned, at the May 4 public meeting, that the mine is not likely to open before summer 2011. The delay has been caused by the poor economic climate. However, work continues at the mine site.
The mine opening, and the Town's readiness for it, was one of the priorities Council set for this year. Mayor Randy McLean asked Council to revise the priority list, giving greater weight to an evaluation of Town Hall. The building has problems, not only with inadequate space, but with structure. Mayor McLean wants a report as soon as possible about the viability of maintaining Town Hall as it is. He is concerned that the building may have to be replaced.
RACING TEAM ASKS FOR FRONT MONEY
Princeton Racing Days Association sent a letter to Town Council asking for a $20,000 guarantee to cover the cash float required for the annual race meet to be held June 26.
This has become an annual request, as the start-up costs of running a race meet far exceed the gains of the previous year. Town Council did not hesitate to provide the $20,000 guarantee.
This money is not a grant, it is simply a way of ensuring the Racing Days Association will receive the money.
All money connected with the races is insured as well as guarded by security people, so there is no risk to the taxpayer.
TOWN ADOPTS FINANCIAL GOALS
This year will be a big spending year for Princeton, with nearly $8 million in anticipated revenue, and expenditures of more than $3 million, leaving a surplus.
The next few years will not see such a big increase in revenues and expenditures. 2009 is exceptional due to income from federal and provincial grants for capital projects. Revenues up to 2013 are expected to total around $4 million. Property taxes 2009
There will be a slight increase in property tax costs to Princeton homeowners this year. Municipal taxes (Town of Princeton only) are expected to go up by three dollars for the average homeowner, around $476 for a property assessed at $170,170.
This does not paint the full picture. The homeowner must add hospital tax, regional district tax, library tax, BC Assessment Authority tax and school tax. The school tax is an unknown at this point, but the total of the other taxes would bring the tax bill for the average home to $636.
Taxes are due and payable at the beginning of August. Tax invoices can be expected sometime in June.
TOWN ENCOURAGES COMPOSTING
Town Council has voted to participate in the Regional District Composter Initiative. The goal is to further reduce the amount of waste going into the landfill, so the Town is prepared to subsidize the sale of composters. The composters will cost $24.00 each, thanks to the subsidy.
The composter is produced by Norseman Plastics and is called The Earth Machine. This backyard composter is 33 inches high and has a 33 inch bottom diameter. It weighs 16 pounds and has an 80 gallon capacity. The lid locks, and there is no way for pests to access the compost.
If you would like to buy one of these composters, drop in to Town Hall soon and tell them you want one. There are only 100 available.
