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Tue, 19 Dec 2017
Oakville Town Council has approved the town’s 2018 operating and capital budgets.
The impact of the budget is a 2.58 per cent increase to the town’s portion of the tax bill, for an overall property tax increase of 1.75 per cent when the approved regional and expected educational tax levies are included. Residential property taxes will increase by $13.98 per $100,000 of assessment meaning that the owner of a home assessed at $800,000 would pay an additional $111.84 per year or $2.15 per week.
“The budget aligns with Council’s direction to keep the overall property tax increase in line with inflation and offers a sound financial plan that our citizens can be confident in,” Mayor Rob Burton said. “I want to express my appreciation to all Members of Council and our dedicated town staff who have worked hard to develop a budget for the coming year. It supports strategic investments in our community infrastructure and delivers programs and services that our residents value and rely on.”
Recent Toronto Consumer Price Index values between August and October 2017 show inflation increases of between 1.7 and 2.1 per cent, with a 2 per cent increase forecasted for 2018. Oakville’s approved overall property tax increase for 2018 is the lowest for the fourth year running when compared to neighbouring municipalities such as Burlington, Milton and Mississauga. The approved budget also positions Oakville to keep overall property tax increases in line with inflation out to 2020.
Highlights of the approved 2018 budget include:
Public consultation throughout the budget process impacted Council’s approval with additional spending in 2018 to fund a bocce ball court for Glenashton Park at the cost of $77,000, one-time funding of $40,000 for the Backyard Tree Planting Program in partnership with Oakvillegreen, and additional traffic safety initiatives.
“Once again, we are addressing the needs of our community while providing the lowest overall property tax increase among neighbouring municipalities,” Budget Committee Chair Tom Adams said. “Approval of the 2018 budget is in alignment with Council’s commitment to maintaining Oakville’s strong and stable financial health. The approved budgets over the last decade have resulted in tax increases that are lower, more predictable and trending down compared with the previous 10-year period between 1999 and 2008. Thank you to our residents, community leaders, partners and agencies who shared valuable input with Council. Council is pleased with the strong alignment between the budget and community priorities.”
The final component of the budget process includes the review and approval of the town’s 10-year capital forecast, which is expected to be brought forward to Town Council in February 2018.
For more information visit our 2018 Budget page.