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Tue, 17 Dec 2013
Exceeding its commitment to keeping the total property tax increase in line with inflation, Oakville Council unanimously approved a 2.11 per cent increase to the town’s portion of the tax bill for an overall property tax increase of 0.83 per cent including regional and education portions. This means an average home assessed at $400,000 will pay an additional $30.24 per year or $0.58 per week for town programs, services and infrastructure renewal.
“This is the lowest tax increase Oakville Council has approved in 15 years. It’s a sensible budget that allows us to continue our progress in keeping up with infrastructure renewal, as well as the program and service needs of our community,” Mayor Rob Burton said. “It’s also a budget that further reduces our debt level.”
The approved $296.2 million combined budget for operating and capital requirements will help maintain existing programs and services, and ensures appropriate funding to keep Oakville’s infrastructure in a state of good repair. Some of the top capital projects influencing the 2014 budget include:
Council also supported improving snow plowing on residential roads. Residential roads will now be plowed when snow accumulation reaches 7.5 centimetres instead of the previous 10 centimetre threshold.
“I’m extremely proud of the hard work that went into reducing this year’s budget. Oakville continues to be one of the only municipalities able to match infrastructure renewal funding with its rate of depreciation. We are spending wisely and building healthy reserves as we plan for the future,” said Budget Chair Councillor Tom Adams. “Our budget increase is in line with inflation and we’re in a good position to meet that same inflationary goal in 2015.”
Visit the 2014 Budget page for more information.
Deputy Treasurer and Director of Financial Planning
905-845-6601, ext. 3143
Senior Communications Advisor
905-845-6601, ext. 3005