Town Council got their first look at the draft 2018 budget last night, including a proposed 3% property tax increase on the average residential home.
The key goals are to maintain existing service level and plan for future infrastructure requirements.
Growth in the community is estimated at 4% in 2018 despite challenging economic times provincially.
A municipal property tax increase of 3% is estimated to impact property taxes on the average residential property (assessed at $481,410) by $5.32 per month, or $63.84 for the year. Municipal property tax revenue in 2018 is estimated at $25.8 million, an increase of 7% over 2017 of which 4% is funded by growth plus the 3% municipal property tax increase.
The draft 2018 budget maintains Town service delivery at current levels and includes resources for Council’s priority areas:
• Improving roads and pathways
• Planning for a community cultural hub
• Implementing an Economic Development Strategy
• An additional 1% to save for operating costs of a new transit service
No increases are proposed on solid waste or recycling utility rates. There is a 1.78% proposed increase in base rate per meter for water and wastewater.
Town administration presented the draft budget October 23. The community is invited to give feedback until November 16.
Residents can learn more about the budget at scheduled information sessions:
- Saturday November 4 from 1 to 3pm at the Visitor Information Centre 521 First Street West
- Wednesday November 8 from 6:30 to 8:30pm at the Cochrane RancheHouse
- Wednesday November 8 from 1 to 3pm at Seniors on the Bow inside Spray Lake Sawmills Family Sports Centre, 800 Griffin Road East
All the feedback is provided to Council before their deliberations, scheduled for November 17, 18 and 20.
More details on the draft budget, including feedback opportunities, are on cochrane.ca/Budget