Tue, 06 Mar 2012
Keeping the total property tax increase in line with inflation, Oakville Council unanimously approved a 6.55 per cent increase to the town’s portion of the tax bill for an overall property tax increase of 2.93 per cent. This means an average home assessed at $400,000 will pay an additional $112 per year or $2.15 per week.
“This budget continues our progress in catching up and keeping up with the infrastructure and facility needs of our community,” Mayor Rob Burton said. “We have healthy reserves because we’re controlling costs. We have preserved and added services and we're cutting debt. We’re living within our means and making each dollar go farther to offer even greater value. Together we’re creating the most livable town in Canada.”
Approximately one-half of Oakville’s 6.55 per cent increase will go toward maintaining services, one-third to existing infrastructure renewal, and one-sixth to the operation of new infrastructure including Queen Elizabeth Park Community and Cultural Centre. When the town’s portion of the tax bill is combined with the regional and education tax levy, it results in the proposed 2.93 per cent increase on the overall property tax bill.
Sixty-one per cent of this year’s $239 million operating budget is funded by property taxes, down five per cent from 2003. Twenty-two per cent of the operating budget is funded by fees and charges for town-provided services. Other non-taxpayer sources funds the remaining expenses.
“We said we would keep the overall tax increase in line with inflation and we did this without cutting services or adding new debt. Unlike other municipalities, Oakville is renewing its infrastructure at the same rate as it depreciates,” Budget Chair Councillor Tom Adams said. “We will not mortgage the future of our town, children or grandchildren by letting our infrastructure decay. We’re protecting Oakville by building long-term financial strength.”
Transportation initiatives make up the most significant portion of the nearly $72 million capital budget and continue to be a priority for Council and Oakville residents. Top capital projects for 2012 are $10.1 million for the expansion of Oakville’s road capacity to keep cars and buses moving, and $4.8 million for road resurfacing.
Other capital projects include $11 million for the acquisition of the downtown Oakville post office site, $6 million for a new maintenance and operations facility in north Oakville including an interim fire station, and $1.5 million to battle the Emerald Ash Borer infestation.
Council’s objective is to deliver overall property tax increases in line with inflation or below for 2013 and 2014. For more information visit the 2012 Budget page.
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