Draft budget hikes average tax bill by $51 for local share
New Tecumseth councillors will meet Wednesday morning for a
presentation of the 2018 draft municipal budget which proposes to spend
$42 million, an increase of approximately $2 million over 2017.
Operating revenues are projected at $10.8 million, up from
$10.6 million, leaving a shortfall that will require $31.6 million in
taxes, a 2.59 per
cent hike, which for municipal purposes, adds an average of $50.96 on a
home with an assessed value of $368,267 - itself up 6.5
per cent over 2017.
The "major variances" chart impacting the budget shows an
unfavorable deficit of $2.3 million, including an increase of $973,525
related to hikes in salaries, wages, benefits, COLA, and new staff
impacts in 2018. $1.34 million in growth assessment, adjusts the
variances to an unfavourable $765,409.
The 2018 budget proposes to add $6,253,400 in long term debt
including: Road Improvement Program $912,100; Fire Station $1,841,300;
and Town Administration Centre $3.5 million.
That would lift total debt as of Dec. 31, 2018, to $73,665,890
of which development charges will cover $56.36 million or 76.5 per
cent, and taxation of $17.31 million, 23.5 per cent. The debt by Dec.
31, 2017 is $71,622,059.
The draft Capital Budget as proposed is for $39.48 million
dollars. Carry forward/continuing projects include:
- Road Upgrade Program - various sections
- Tottenham Library
- New Park Developments - Beeton, Tottenham & Alliston
- Playground Equipment replacement
- Trail Development
- Tottenham Conservation Area upgrades
- Fleet / Equipment and Fire Apparatus acquisition & replacement
- Fire Station 4 - Alliston and related equipment
- Tottenham Water Transmission Main
- New Well Development
- Town Administration Centre
- Back-up generators - wastewater pumping stations.
The total cost of all projects proposed in 2018 is $$21.98
million, of which $10.26 million is from reserves, $5 million from
DCs,, $6.2 in long term debt, and a taxation impact of $469,850.
In September, councillors voted not to approve the 2018 budget