The Municipality of Lakeshore’s draft 2023 Budget will be presented to Council at the upcoming meeting on Tuesday, January 10, with deliberations scheduled for January 30 and 31.
The draft Budget proposes a 4.74 percent tax rate increase, along with increases to water and wastewater rates. The proposed rates would mean a total average monthly increase of $13.41 for property owners.
“The draft 2023 Budget is presented during a time of extraordinary financial pressures which have affected municipalities and residents alike,” said Justin Rousseau, Lakeshore’s Corporate Leader – Chief Financial Officer.
The draft Budget’s executive summary notes that Lakeshore is grappling with a nearly 13 percent increase in insurance premiums, along with inflation that has impacted the cost of goods and services (up 7 percent as of August 2022) and non-residential construction (over 25 percent increase since 2022.) Meanwhile, an ongoing delay to update property assessment values means that taxes for the year continue to be based on property assessments from 2016.
“However, even with those ongoing pressures, the proposed increases remain below the rate of inflation,” Rousseau said, adding that a one-time transfer of $1.02 million from the tax stabilization reserve would be used to mitigate the full impact of inflationary pressures on residents and taxpayers.
“The presentation of the 2023 draft Budget comes at a critical time for Lakeshore. On the one hand, we are dealing with significant increases in the cost of our operations due to inflation. On the other hand, the need to invest in resources to ensure we can achieve our strategic priorities and maintain service levels after a period of tremendous growth,” said mayor Tracey Bailey. “As a Council, we understand that every dollar matters. The draft budget illustrates our commitment to maintaining our competitiveness in the region while positioning Lakeshore for the future.”
“I look forward to hearing feedback from residents and local stakeholders ahead of deliberations at the end of the month,” Mayor Bailey added. “With the new budget process, Council and I have ample time to share the draft document, dig into the details, and ensure we continue to deliver the valuable programs and services our residents expect.”
Council will meet to discuss the 2023 Budget on January 30 and 31, from 9:00 to 5:00 PM. The draft 2023 Budget can also be viewed online at Lakeshore.ca/Budget.
Draft 2023 Budget highlights (page 4):
- Total expenditures of $56.7 million
- $39.1 million in revenue
- $17.58 million in recoveries
- $25.6 million for capital projects including:
- $11.1 million for Patillo Road, Major Street, and Lilydale Avenue Reconstruction/Rehabilitation
- $2.6 million for County Road 22 Watermain Replacement
- $150,000 for a Wastewater Master Plan
- $10,000 for a Rat Abatement Pilot Project
- $100,000 for a Ward Boundary Review
- $75,000 for Lakeview Park Playground Resurfacing
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