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MEMORANDUM \

JAN 29 1979
TO: Mayor and Council January 24th, 1979

FROM: Alderman M.R. Wright

Re 1979 Library Budget

Introduction:

In 1978, the Library Tax Assessment was based entirely on the
general assessment for each municipality, city or school district. In
1978 the Board of Management of the Fraser Valley Regional Library revised
the method of apportioning the Tax Assessment and the following policy
was adopted:

“because there is now only one assessment common to ail
municipalities and unorganised territories, library tax
requisitions are to be apportioned in 1979 on the basis of
the 1978 assessment for school purposes (which produces
taxes virtually identical to the former system)"

For Port Coquitlam:

1977 1978

General Assessment School Assessment
(The basis for 1978 Library (The basis for 1979 Library
Tax Assessment) Tax Assessment)

$65,769,341. $83,014,287.

This represents approximately 26% increase in assessment which is about
average for the F.V.R.L. member municipalities, etc. In general it was
noted that the larger municipalities increases were larger in proportion
to the smaller municipalities.

1979 Library Tax Assessment:

Because of the different method of apportioning the Library
Tax Assessment (LTA) it is difficult to compare mill rates from 1977 to
19738:

For Port Coquitlam:

1978 1978 1979 1979
Mill Rate LTA Mill Rate LTA

1.8467 $121,456. 1.7873 $148,371.