County of Paintearth council was tasked with writing off 14 individual tax rolls for oil and gas companies totalling $434,032 during their regular meeting on Tues. Dec. 1.
The Provincial Education Requisition Credit (PERC) provides municipalities with an education property tax credit equal to the uncollectable education property taxes on delinquent oil and gas properties.
Initially introduced to provide relief to municipalities for the 2015 through 2019 tax years, the program has been extended for two more years as the tax recovery challenges continue.
Municipalities may apply for PERC retroactively to the 2015 tax year through to the 2021 tax year.
This credit will ease the burden on Paintearth for the 2021 year as they have essentially paid this total already.
Operating, Capital budgets
Council reviewed both the operating and capital budgets for 2021.
The final operating budget has operating costs of $13,130,899, operating revenues of $1,174,372 and operating debt interest of $10,000.
The final capital budget has capital expenditures of $3,839,800 to be funded from capital revenues of $1,360,000, sale of $577,000 in capital assets, draw from restricted surplus of $1,894,800 and $8,000 of capital asset purchases to be funded through the 2021 tax levy.
The final operating budget presented includes a future capital requirement transfer of $1,371,623.
This coming year’s presented budget is a six per cent decrease in spending from the prior year.
Council passed both budgets.
Another item passed was the adoption of the three-year operating plan and five-year capital plan as required by the Municipal Government Act.
Terri Huxley
ECA Review
