Thu, 12 Dec 2013
Achieving Council’s direction to keep the total property tax increase in line with inflation, Oakville’s 2014 Budget Committee has recommended a 2.11 per cent total increase to the town’s portion of the tax bill. This recommendation will go before Council for approval on Monday, December 16, 2013. If approved by Council, Oakville residents would see an overall increase to their property tax bill of 0.83 per cent in 2014, the lowest such increase in 15 years.
“This recommended budget meets Council’s goals to invest in maintaining Oakville’s infrastructure, reduce tax-supported debt, and keeps the overall tax increase in line with inflation,” said 2014 Budget Chair Councillor Tom Adams. “Residents will benefit from improvements in roads, parks, snow plowing and youth after school programming, and a new Operations Depot and Fire Station 9 in north Oakville. We are spending wisely and building healthy reserves as we plan for the future.”
According to Nancy Sully, deputy treasurer and director of Financial Planning, the reduction from staff’s original proposal for a 2.93 per cent increase in the town’s share of the tax bill to the recommended 2.11 per cent was a result of a larger than forecast increase in assessment growth. When the town’s portion of the tax bill is combined with the regional and education tax levy, it results in the proposed 0.83 per cent increase on the property tax bill.
Some of the top capital projects influencing this year’s budget are: