Committee approved 2025 budget to hike local share of tax 3.67 per cent

Posted December 4, 2024

 

New Tecumseth's share of a $77 million one-time grant to Ontario municipalties policed by OPP facing double digit increases in contract costs, helped eliminate $1.1 million in the Town's  2025 budget to bring down the proposed average property tax increase to 3.67 for the local share. When blended with the County and Education component, the total bill on a home with an average assessment of $456,000 will increase 3.03 per cent or $144.

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One trend that continued to be a drag on revenues to stabalize taxation rates, is the estimated 2025 assessment growth - tax revenue generated through the addition of new homes and businesses - is budgeted at $193K. At its peak it was $1.8M in 2019, and not expected to increase until water capacity is increased.

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Dollar wise directly from taxation is an increase of $4.4M overall, broken down as $3.1M in salaries and $1.3K in benefits, including WSIB. This includes a 2.5 per cent COLA adjustment, staff grid progressions and benefit inflation factors of five per cent.

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Council did freeze plans to add 13 new people to the payroll excluding for Automated Speed Enforcement (ASE) staff (offset by anticipated revenues) and the Procurement & Insurance Agent (funded by capital) - which reduced the buget by $320,500, just under one per cent in taxation.

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​Beginning April 1, 2025, water rates will increase 15 per cent, an average home using 200 cubic meters of water per year is approximately $76 or $6.33 per month and 8.5 per cent on sewage - billed quarterly.

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Click here for full summary of budget impacts - https://tinyurl.com/4z6uetd4

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