The 2010 tax levy here is up by about 2.9%.
Treasurer Gord Duff estimated that for an average residential property assessed at $165,000, there will be an increase in town taxes of about $27.
Councillors recently passed the 2010 budget bylaw after the final tax rates were set by Wellington County on April 29.
Minto’s ratios for commercial and pipeline assessment classes have had minor revisions from those of 2009. All other tax ratios have been maintained and other tax policies remain unchanged.
Duff said the 2010 budget takes advantage of the various stimulus grant incentives provided by the provincial and federal governments while keeping total expenditures at a level which can be sustained by the municipality.
“The result is an acceleration of capital projects in 2009 and 2010, over original multi-year projections,” he said.
There is $615,000 in new borrowing related to projects begun in 2009, including the rehabilitation of the former CN rail lands in Palmerston and the downtown streetscape projects in Clifford, Harriston and Palmerston.
Despite the additional financing, total external debt will fall by $385,000 during 2010 to approximately $8.33-million, Duff stated.
This is the second year of a four-year phase-in of property assessment increases.
Most property tax decreases were implemented in 2009. One-quarter of any increase in assessment from the Jan. 1, 2005 value to the Jan. 1, 2008 value will be in place for most affected properties.
Duff said if the assessment has gone up or down, there will be a correspondingly higher or lower increase in taxes.
Contributions to the county and the school boards are approximately $4.5-million and $2.24-million respectively. The education figures have been set by the province. Minto taxpayers will contribute about $80,000 more to the county budget in 2010 than in 2009. Education tax rates have fallen for the municipality. The total education levy dropped by $17,000 from 2009.
Total expenditures of $16.2-million dollars include $5.8-million of capital spending. Major capital projects to be undertaken in 2010 include $1.4-million for a Harriston sewer system, a new pumper truck for the Clifford Fire Station; refrigeration and other upgrades at the Harriston arena of $180,000, downtown streetscape improvements for $250,000, Palmerston Lions Park upgrades for $230,000, $510,000 in rural roads construction, $400,000 of repairs to the Harriston Arthur Street bridge, and a new well for Palmerston at $160,000.
Duff said funding for the water and sewer projects, including debt-servicing costs is provided by user charges. These rates are currently under review.
Minto will use a portion of its share of federal gas tax revenue to assist with funding of road work.
Ontario has provided funding for roads and bridges, recreation and economic development projects and the town will receive almost $2-million in capital grants in 2010.
The balance of reserves and reserve funds will be approximately $5.3-million at the end of 2010. Municipal expenditures are partially funded by an Ontario Municipal Partnership Fund Grant of $1,28-million. User fees and internal reserves will fund the balance.
Duff stated, “Council has responded to the economic downturn by putting stimulus funds to work and continuing to seek out efficiencies in operations. By making our downtowns more desirable for residents and visitors, we hope to improve the vitality of our local economy.”
