Council Notes - April 16th, 2013

Council Notes - April 16th, 2013

Trans Mountain Presentation. Council heard a presentation regarding the Trans Mountain Expansion project. The presentation focused on customer commitments, the route planned, and expected timelines.

2013 Operating and Capital Budgets and Mill Rate. Council has approved the 2013 Operating and Capital Budgets and Mill Rate Bylaw. The Interim budget was approved in December and adjustments have been made to reflect any year end transfers and known changes to expenditures and revenues since that time. The 2013 capital projects total $15,969,215 and will be funded from grants, debentures, and transfers from the capital reserves. In order to balance the 2013 Operating budget a 2.4% increase in residential and non-residential tax revenues is required. That is down 0.6% from the projected increase in the Interim budget. This does not necessarily mean taxes for every property will go up as the actual taxes owed by a property owner is dependent on their property assessment. The need for a 2.4% increase in tax revenue in conjunction with the slight shift in assessment has produced the following overall municipal mill rates.

Combined mill rates for 2013 (including the school and Evergreen Foundation mill rates)

Residential total combined mill rate:

8.24 mills (2012 mill rate – 8.31 mills)

Non-residential total combined mill rate:

20.64 mills (2012 mill rate – 20.84 mills)

While there is a 2.4% increase in tax revenue required, an increase in assessment for the Town means the actual mill rate has dropped slightly.

Here is a quick example on how this would affect the average homeowner. A home with an assessment value of $300,000, assuming it’s had no change in assessment from last year to this year, means the homeowner would pay $21 less in taxes this year.

Finally, to give an idea of the amount raised in taxes, the 2.4% increase for this year will net the Town approximately $293,000 for municipal use in 2013.

The next council meeting is scheduled for April 23rd at 1:30pm in the Council Chambers of the Edson Civic Building