Residents and businesses in the Municipal District of Bighorn can expect a municipal tax increase of five per cent over 2012, following approval of the 2013 operating and capital budgets on Tuesday (Dec. 11).
To keep the tax increase at five per cent, however, council approved withdrawing $51,970 from the tax rate stabilization fund and moving it into general operating accounts; a recommendation made by the Finance and Economic Development Committee, which is comprised of all members of council.
Council withdrew $100,000 from the tax rate stabilization fund in 2012 and $146,200 in 2011.
Overall, council wasted no time in approving both budgets Tuesday (Dec. 11) as it had met in September, October and December during the budgetary process.
In total, according to a report prepared by Director of Finance Katherine Van Keimpema, the MD must requisition $3.75 million in property taxes to pay for the $7.4 million operating budget and a $1.2 million capital budget.
The operating budget, which has increased 2.856 per cent, includes:
• $222,700 in non-capital budgets;
• $1.2 million in capital acquisitions;
• debt repayment of $776,524; $50,950 in user fees;
• $1.026 million transfer to reserves ($325,985 is coming from local improvement levies, $50,950 in user fees, $130,000 from interest on investments and $520,000 from taxes, which is $20,000 less than last year);
• grants of $434,124
• and a reserve draw of nearly $1.7 million.
The $1.2 million capital budget will be funded by grants ($369,124) and reserves ($835,045), according to Van Keimpema’s report.
Among the items on the capital budget are:
• $350,000 for a fire truck for the Exshaw Fire Department;
• $15,000 for a speed sign trailer;
• and $420,169 for the Burnt Timber road overlay.
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