Houston working on long-term plan around lost tax revenue

A Long-Term Financial Sustainability and Tax Strategy project has been started by the District of Houston.

It is designed to address the financial impacts related to the Canfor mill closure, resulting in about $1.2 million in lost tax revenue annually.

“While this project will develop a long-term financial strategy to address the loss of approximately $1.2 million in annual taxation revenue, it is also about supporting local jobs, strengthening our economy, and advocating for Houston’s future,” said Mayor Shane Brienen.

The district said accumulated reserves are currently being used as part of a tax-smoothing strategy to maintain service levels without impacting taxpayers immediately.

Items the review will look into include:

• An assessment of Houston’s current financial position and long-term fiscal outlook.
• Analysis of taxation revenues, reserves, expenditures, and financial sustainability.
• Development of long-term tax strategy options and financial scenarios.
• Review of service delivery and service prioritization opportunities.
• Assessment growth and revenue diversification opportunities.
• Community engagement to gather input on resident priorities and future direction.
• Consideration of economic development opportunities that support long-term
  prosperity.

The project will also look at ways to attract new industrial and commercial development, diversify assessments, and replace lost growth over time.

Brienen said district council continues to support that “local logs should support local jobs”, advocating for opportunities to see milling return to Houston.

“Our goal is not simply to manage the loss of revenue, but to build a stronger, more resilient economy that supports local businesses, creates jobs, and positions Houston for long-term success,” he added.

The district said more information will be released about public engagement and project milestones as work progresses.