After months of deliberations at committee, which included many changes to the draft budget, city councillors will vote on the proposed 7.51 per cent tax rate increase at the Monday city council meeting.
At the last deliberation meeting, the draft tax rate was approved at 7.73 per cent. Since then, a few minor adjustments have been recommended, bringing it down to 7.51 per cent.
These adjustments include:
- The removal of the city’s contribution to the brownfield reserve, $20,000
- Using the council committee reserves to effect the levy, $94,945
- Correcting the reduction related to the hospital contribution, $100,000
- Receiving of final figures related to Huron Perth Public Health, $9,378
The tax rate is based on a 9.68 per cent increase to the tax levy, which is $80,090,376.
The tax levy represents the total dollars needed to be raised through taxation, but an individual’s property taxes will differ depending on various factors - hence the different percentages.
The 2024 operating budget consists of $160 million total expenditures, though roughly only half of that comes from taxation. The other half comes from 'non-taxation revenues', according to a report listed in Monday evening’s agenda.
