The Town of Olds is still looking at a 1.5 per cent tax increase in this year's budget, chief operating officer Doug Wagstaff says.
That hike is not for the operating side of the budget. He says there'll be no increase there at all. It's to help cover the cost of the capital budget.
Wagstaff says the increase will likely be needed to cover debenture costs for a $10.6-million capital budget, which council approved last week.
That budget includes trails and street improvement projects for $5.45 million, $2.2 million in water and sewer infrastructure work, plus about $1.65 million in work on new athletic parks in the northwest end of the town.
However, although those numbers have been plugged in, the budget is by no means finalized yet. The total amount of revenue the town can count on receiving is still a pretty hazy number.
Wagstaff says town officials are still waiting for property assessments to be completed so the taxable assessment can be determined.
“The taxable assessment for the Town of Olds is an estimate at this point,” Wagstaff says. “We get more solid numbers in the spring as we get closer to that assessment.”
The town must also wait for the federal and provincial governments to announce their budgets. Traditionally, the federal budget comes out in about February and the provincial budget is announced in March or so.
“Any changes in the provincial budget will also impact us if they have any negative impact on our envelopes from the province,” Wagstaff says.
"The taxable assessment for the Town of Olds is an estimate at this point," Wagstaff says. "We get more solid numbers in the spring."DOUG WAGSTAFF CHIEF OPERATING OFFICER TOWN OF OLDS
