Council met virtually May 26 to solidify this year’s budgets and tax rates.
The 2021 Operating and Capital Budget adopted at the previous May 11 meeting was based on a zero per cent increase to the municipal tax rates.
The subsequent decision to defeat Bylaw 1018-2021 at that meeting and request that options be provided for review at the May 26 meeting, required that council adopt the budget with changes to the municipal tax rate and draw from reserves.
Council adopted this revised budget and accepted the tax rate bylaw with a zero per cent increase.
In discussion with Municipal Affairs regarding the Tax Bylaw, they indicated that prior to setting the tax rate, council must adopt a budget that reflects the actual revenues and expenditures anticipated.
Administration prepared a revised budget and tax bylaw to reflect the change in assessment for non-residential properties and a zero per cent increase to the municipal tax rates.
There are no changes to the budget council approved at the May 8 meeting, with the exception of the amount of tax revenue collected and the amount drawn from reserves.
The reduction in assessment caused a slight increase to the Education Non-Residential Tax Rate of .0026 (from 3.9544 to 3.9570).
It did not affect the Acadia Foundation Tax Rate or the Designated Industrial Property levy.
Despite the zero per cent increase to taxes from the town’s end, the province has increased their requisitions including the education tax which taxpayers will see on their bills.
The Residential/Farmland Tax Rate for General Municipal remains at 11.1225 mills, school requisition increased to 2.6354 from 2.5844 while Acadia Foundation increased by 0.0802 to sit at 0.6764.
The total residential mill rate increased 0.1312 mill to be at 14.4343.
The Non- Residential Tax Rate for General Municipal remains at 14.2554 while school requisition increased to 3.9570.
Acadia Foundation rose from.5962 to .6764, a .0802 mill increase.
Overall, the non-residential tax rate sits at 18.8888.
Taxes are due by August 31 with a four per cent penalty being applied the next day if not paid in full.
The budget passed will bring $2,793,693.61 in municipal tax revenue and require a draw from surplus of $67,962.
Following the approval of the amendments, the 2021 Operating and Capital Budget remains a balanced budget with a transfer from accumulated surplus.