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Volume 47, No. 7

B.C. Reg. 146/2004

The British Columbia Gazette,

Part II

April 6, 2004

B.C. Reg. 146/2004, deposited March 26, 2004, pursuant

to the MOTOR FUEL TAX ACT [Section 12.1] and the BRITISH

COLUMBIA TRANSIT ACT [Section 15 (2) (b)]. Victoria

Regional Transit Commission Regulation No. 25-2004, dated March 26, 2004.

Regulation to Prescribe a Tax on Land and Improvements and To Implement

a Tax on Motor Fuel in Accordance with

Section 15 (2) (

b) of the

British Columbia Transit Act and

Section 12.1 of the Motor Fuel Tax

Act .

WHEREAS British Columbia Transit has established a regional

transit service area (the "Victoria Regional Transit Service Area") being an

area comprising all of the Capital Regional District including the Greater Victoria

Metropolitan area;

AND

WHEREAS the Victoria Regional Transit Commission (the

"Commission") is required to contribute a prescribed portion of the annual cost

of operating a public transportation system within the Victoria Regional Transit

Service Area;

AND

WHEREAS the Commission may, in accordance with

section 15 (2) (

b) of the British Columbia Transit Act and

section 12.1 of the Motor

Fuel Tax Act , raise the prescribed portion of such annual cost by means

of a tax on the net taxable value of land and improvements and a tax on motor

fuel;

AND

WHEREAS the estimated annual cost of operating the public

transportation system in the Victoria Regional Transit Service Area for the

year commencing April 1, 2004 is $58,395,540, and the Commission's

share of such cost is $40,923,570;

AND

WHEREAS the amount required to be raised by the Commission

after deducting estimated annual revenues is $16,762,570;

AND

WHEREAS, of the amount to be raised by the Commission,

it is estimated that $9,475,000 will be raised by a tax on the net taxable value

of land and improvements under

section 15 (2) (

b) of the British

Columbia Transit Act , and $8,100,000 will be raised by a motor fuel tax

under

section 12.1 of the Motor Fuel Tax Act ;

THEREFORE the Victoria Regional Transit Commission, in open

meeting assembled, enacts as follows:

1 The Victoria

Regional Transit Commission,

(

a) in accordance with

section 15 (2) (

b) of the British Columbia Transit Act , prescribes a tax on the net taxable

value of land and improvements as set out in this regulation, and

(

b) will apply, to the prescribed portion of the estimated

annual cost of operating the public passenger transportation system in the Victoria

Regional Transit Service Area, the revenues raised within the Victoria Regional

Transit Service Area, save and except that part described in

section 3

of this regulation, pursuant to

section 12.1 of the Motor Fuel Tax Act .

2 The Victoria Regional Transit Commission, under

section 15 (2) (

b) of the British Columbia Transit Act ,

prescribes, for the year 2004, a tax on the net taxable value of land and improvements

in the Victoria Regional Transit Service Area, other than land and improvements

that are taxable for school purposes only by special Act and land and improvements

within those parts of the Capital Regional District described in

section 3

of this regulation, at the rate of $0.1606 per $1,000 of the net taxable value

of land and improvements of property in Class 1, $0.8672 per $1,000 of

the net taxable value of land and improvements of property in Classes 2,

3, 4, 5, 6 and 7, and $0.1606 per $1,000 of the net taxable value of land

and improvements of property in Classes 8 and 9, which Classes are

designated from the classes prescribed under

section 19 of the Assessment Act .

3 The Electoral Areas of "Salt Spring Island"

and the "Outer Gulf Islands", together with that part of the "Sooke Rural Area"

lying to the west and north along Tugwell Creek to the southern boundary of

the Malahat Land District and east on the southern boundary of the Malahat Land

District, are exempt from the provisions of sections 1 and 2 of this

regulation.

4 In the event that the taxes referred to in this

Regulation and the annual revenue estimated to accrue to the Commission are

less than sufficient for the Commission to raise its prescribed portion of the

annual cost of operating the public passenger transportation system for the

year commencing April 1, 2004, the shortfall shall be taken from the

funds held in trust by British Columbia Transit for the Commission.

5 In the event that the taxes referred to in this

Regulation and the annual revenue estimated to accrue to the Commission are

more than sufficient for the Commission to raise its prescribed portion of the

annual cost of operating the public passenger transportation system for the

year commencing April 1, 2004, the excess shall be added to the funds

held in trust by British Columbia Transit for the Commission.

6 This regulation may be cited as the "Victoria

Regional Transit Regulation No. 25-2004". Dated this 26th day of March, 2004.

— D. AMOS, Chair, Victoria Regional Transit Commission.

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