Taxpayers here will see a 2.9% hike in their overall tax bills, after council approved its 2012 budget on March 20.
Minto council approved a 3.8% local tax levy increase, though the overall tax increase drops to 2.9% when the town increase is combined with the education and Wellington County levies.
That means an extra $51 on the tax bill of a ratepayer with a home valued at $189,000.
The Minto levy increase will facilitate reserve contributions and a $5 million capital plan set for this year.
“The town ‘flat lined’ its operating costs by restructuring and outsourcing some services,” said treasurer Gord Duff.
Education tax rates have fallen for the town, and with the county having a moderate 1.9 percent increase, the 2012 budget sets aside funds to maintain and replace capital assets.
Minto’s operating budget, which excludes water and sewer operations, will be $3,445,000 – similar to the 2011 operating budget.
The budget includes a net transfer of capital reserves of $1,124,000.
The capital budget includes $1.9 million for roads, $575,000 for recreation and other facilities, $350,000 for fire services, $475,000 to extend sewer and water in the industrial parks and other development projects, and almost $1,760,000 in water and sewer works.
The town carried over unspent funds from last year to assist in financing projects. There is no new borrowing this year. Total external debt will fall during 2012, from $7,755,000 to $6,750,000.
“This budget makes us more efficient, places money in reserves for the future and gets at major needs this year,” said Mayor George Bridge.
“The town has kept the increase near inflation using the education and county rates responsibly.”
Finance chairperson and councillor Mary Lou Colwell thanked staff for the work done to prepare the budget.
“Departments have clear business plans with dollars and performance measures included. We are taking care of our assets by spending $5 million on our infrastructure and facilities,” she said.
Capital projects in the budget include: $300,000 for renovations to the Harriston fire hall, $250,000 for the Coon Creek bridge on Elora Street in Clifford, $300,000 for Palmerston inflow and infiltration work, $300,000 for completion of the Palmerston Well 4 work, and $370,000 for the purchase of a new backhoe-plow truck.
Municipal costs are partially funded by a provincial fund grant of $1,354,000. But council is anticipating fewer infrastructure grants in the future.
The balance of reserves and reserve funds will be about $7.8 million by year’s end.
