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Budget heading into morning meeting raises local share of taxes by $73

Posted November 25, 2019

New Tecumseth opens this morning's 2020 budget working session (9 am) with a package that would increase the average property tax bill by $73 or 3.34 per cent on a residential property with an average assessed value of $428,273. That's a decrease of $11 following reductions made at the Nov. 15 meeting which initially recommended an $84 or 3.8 per cent hike.

The budget proposes to spend approximately $49 million, a $2.8 million increase over last year, requiring approximately $37 million from taxation.

Slowing growth in supplemental and new assessment, and more than $20 million decrease in development charges proceeds, are noted as warnings of potential impacts beyond 2020. And "if the trend continues and is prolonged, adjustments to the capital program will be required to ensure financial sustainability." The value of debt funded projects planned to 2029 are estimated at over $100M, including the Collingwood water plant expansion.

All stories, unless otherwise noted,
by Tony Veltri