The Town of Port McNeill needs to borrow more than $1.2 million to make ends meet, before this year’s tax revenue comes in.
Council this week adopted a bylaw to borrow the money because “the municipality does not have sufficient money on hand” to meet its current lawful expenditures.
Under the Community Charter, municipalities are allowed to borrow money in advance of collecting property taxes to meet lawful expenditures. The money will be paid back once this year’s taxes are collected by the municipality.
Council gave first three readings to the bylaw on January 28, and approved it on February 11.
According to a draft budget reviewed the same day by council, the town is looking at a tentative 2.37% tax increase for this year.
