Parksville council gave three readings to an amended five-year financial plan that focused on the near future because of global economic uncertainty.
Staff brought a number of amendments to council in April, which were approved, including a reduction of the yearly tax increase from seven per cent to 5.5 per cent.
"Because of the instability in the current worldwide economic environment and the expected challenges and opportunities that may come from that, the focus of this amended financial plan was on 2025," Jedha Holmes, director of finance, said in her report. "Especially with reducing the property tax revenue increase and focusing on service areas that support the community during this unprecedented time."
The 2025 to 2029 Amended Financial Plan sets out the financial requirements and provides the legal authority needed for city departments to expend funds for operations and capital projects for the next five years, according Holmes' report.
The city has provided opportunities for public engagement and input throughout the financial planning process.
Council approved the financial plan during its May 5 meeting.
