North Cowichan Unlikely to Borrow Money for Operations
Municipality of North Cowichan - mycowichanvalleynow.com staff.
North Cowichan will have enough money from property taxes to keep its operations going during the summer without requiring borrowed funds.
Mayor Al Siebring says after the tax payment deadline was extended earlier this year because of the COVID-19 pandemic, council prepared for a possible shortfall by approving a 10-Million dollar Anticipation of Revenue Borrowing bylaw in case funding was needed to continue operations.
According to Siebring: “A lot of people did pay their taxes by the original deadline of July second.”
He says about 41-percent of the revenue expected from property taxes has been now received.
The mayor says says North Cowichan will have sufficient funds to forward payment to the Cowichan Valley Regional District and continue operations until the extended tax payment deadline at the end of September.