OLDS — A bylaw to set this year’s municipal taxes is slated to come back to council for final approval on April 25.
If it’s passed at that time, the average residential property owner can expect to see their taxes rise $137 to $2,808 from $2,741 last year. The average non-residential property owner can expect to see their taxes increase by $49 to $11,455 from $11,406 last year.
Finance director and interim chief administrative officer Sheena Linderman told council this year’s rates are the result of a two per cent municipal tax increase, increases to the value of both residential and non-residential property, the education tax, and assessments for Mountain View Seniors Housing.
During a presentation to council on April 11, Linderman noted that several changes were made to the town’s proposed 2022 operating budget.
As was reported earlier, initially, that budget had a deficit of $450,491.
The budget was balanced by making several cuts called for by council during its April 4 policies and priorities meeting, factoring in a two per cent tax increase and by taking $162,793 out of the town’s tax stabilization reserve.
Linderman said cuts made to the budget included:
• a $10,000 cut to the town’s strategic planning budget;
• a $2,000 cut in fire promotions and public relations;
• dropping a proposed project to renew the Aquatic Centre’s front counter, thereby saving $19,000;
• replacing trees on a one-to-one basis rather than on a two-to-one basis, thereby saving $17,500;
• postponing the hiring of a second deputy fire chief, saving $41,272;
• funding replacement of council laptops from reserves with a three-year payback, saving $7,000;
• cutting $7,000 from the economic development department; and
• reducing the Destination Olds Collective Fund by $72,000 to a revenue of $78,000 (directly linked to marketing and promotion materials).
Linderman said the average residential assessment is up 2.5 per cent to $316,298 and the average non-residential property is up 0.6 per cent to $915,490.
Council approved the operating budget as presented.
The tax rate bylaw, as revised, received first reading. It is expected to come up for second and third reading during council’s April 25 meeting.
