Town of Cochrane administration presented the draft 2014 budget to council Oct. 28, which proposes a 1.49 per cent property tax increase for the coming year.
The increase equates to an additional $2.63 each month, for an average yearly property tax bill of $2,146 for a home assessed at $428,200. Property taxes makes up 48 per cent of the town’s total revenue. The draft budget also called for an increase in user fees for wastewater consumption (5.3 per cent), waste and recycling collection (3.9 per cent) and storm sewer rates (three per cent).
The budget includes $39.9 million in total expenses, with $20.9 million in offsetting revenues, excluding property taxes, and $19 million in municipal property taxes to achieve a balanced budget. This is a 5.5 per cent increase over the 2013 net cost of operations. The town estimates it will receive $723,000 in additional property tax revenue in 2014 based on an estimated four per cent growth, but indicate it would not be enough to respond to significant budget pressures arising from community growth, external and internal drivers and funding priorities outlined in the town’s 10-Year Financial Plan. The town’s workforce budget is estimated to be $16.8 million, or 42 per cent of its total 2014 expenses.
A public open house for the 2014 budget is scheduled for Nov. 18 at the Cochrane RancheHouse from 6-8 p.m.
