Tue, 17 Dec 2019
Town Council unanimously approved the 2020 operating budget of $345.5 million and capital budget of $119.4 million, to deliver the town services that residents and businesses value. The budget invests in new infrastructure and ensures the town’s long-term fiscal sustainability.
The combined operating and capital budgets result in a 3.08 per cent increase to the town’s portion of the tax bill, for an overall property tax increase of 2 per cent when the approved Halton Region and expected educational tax levies are included. The 2 percent increase amounts to an additional $14.73 per $100,000 of assessment, meaning that the owner of a home assessed at $800,000 would pay an additional $117.84 per year or $2.27 per week.
“In 2020, Town Council will focus on building a climate change resilient community,” said Mayor Burton. “We’re protecting our greenspace by investing in environmentally sustainable practices, and maintaining our high-quality programs, services and infrastructure to keep Oakville one of the most livable and fiscally healthy communities in Canada.”
Aligning with the town’s 2019-2022 Strategic Plan, key priorities in the 2020 Budget include funding for the new Oakville Trafalgar Community Centre, downtown Lakeshore Road reconstruction, the new fire station at Pine Glen and Bronte Road, improvements to North Service Road and Speers Road, storm water and erosion control, electric buses and active transportation infrastructure, enhancements to the Crosstown Trail, improved parks and trails including the Bronte Athletic Field and St. Ann’s Park, as well as renovations at 16 Mile Sports Complex and River Oaks Community Centre.
In addition, $2.3 million in internal savings are being recognized from reviews undertaken in 2018 and 2019.
Council also gave direction to staff to prepare budgets for 2021-2023 that will keep overall property taxes in line with inflation.
The town continues to recognize the significant financial pressures created by the required subsidization of development required by the provincial Development Charges Act.
“Residents tell me they are impressed by Council’s commitment to good financial management,” Budget Committee Chair Tom Adams said. “This budget keeps us on track to keep taxes in line with inflation, and maintain healthy reserves, low levels of tax-paid debt, and significant funding for building and maintaining infrastructure.”