Residents here will see the local part of their tax bills jump $44 this year.
On May 7, Minto council passed its 2008 budget. Wellington County tax rates were set by county council on March 27.
In a report, Treasurer Gord Duff noted “the 2008 budget continues the municipally’s progress towards addressing the infrastructure deficit as resources permit.”
However, he also noted that the town was fortunate to receive several government grants to assist with various funding projects.
The Minto tax levy is up about 4.5%.
For an average residential property assessed at $165,000, there would be an increase to local taxes of about $44. Local taxes of around $976 would increase to $1,020 in the 2008 bill.
The overall tax bill to that same property is going up just over $90, bringing the tax bill (including education and county portions) from $2,619 to $2,708.
Duff pointed out there was no province-wide reassessment for 2007-08, although specific changes could happen as a result of property additions, assessment appeals, or other factors.
“If the assessment has gone up or down, there will be a correspondingly higher or lower increase in taxes,” he said.
Taxes collected by the county and for local school boards is about $4.3-million and $2.3-million respectively.
Education taxes are set by the province.
The report noted that Minto taxpayers will contribute roughly $260,000 more to the Wellington County budget in 2008 than they did in 2007.
The zero increase to the education tax rate lowered the overall tax increase to local residents to about 3.5%
However, even though the rate remains the same, the education levy upon Minto ratepayers increased by $110,000 over 2007.
The total expenditures of $15.4-million includes $6.4 million of capital spending. Major capital projects to be undertaken in 2008 include:
– $400,000 for repairs to the Clifford arena roof;
– $580,000 for repairs to the Palmerston arena roof;
– purchase of a grader for $250,000;
– reconstruction of Arthur Street West connecting link in Harriston, including watermains and sewer mains, at a cost of $1,125,000;
– $440,000 for rural roads and bridge construction; and
– $775,000 for water main replacements in Clifford.
Duff’s report stated, “The Town of Minto remains committed to full cost recovery of its water and wastewater systems. Therefore funding for the water and sewer projects, including debt servicing costs is provided by user charges. These rates are currently under review.”
The town will use a portion of its share of the federal gas tax revenue to assist with paying for the road work. The province has provided some funding for roads, bridges, and a portion of the connecting link project in Harriston.
Duff stated those grants help to reduce the amount of funding for other capital projects that must be raised through taxes.
The balance of reserves and reserve funds will be about $6.5-million at the end of 2008. Municipal expenditures are partially funded by an Ontario Municipal Partnership Fund grant of $1,255,200. User fees and internal reserve funds will fund the balance. The 2008 budget contains an additional $2,125,000 in new external borrowing by debenture.
The town of Minto has also begun a project to improve the efficiency of its facilities with the objective of reducing costs and the municipality’s environmental footprint.
“Council has responded to the wishes of our residents and has chosen to invest in our infrastructure. By encouraging economic development it is hoped that Minto’s assessment base will grow and future tax increases will be moderate, and that capital projects can be financed by reserves,” Duff concluded.
