The Town of Minto is on target for an overall tax levy increase of about three per cent in 2014, but town officials are projecting most residents won’t see an increase on their property tax bill.
A summary of the draft budget posted on the town’s website shows combined operational and capital spending of $4,215,669 for the coming year, an increase of $123,034 over the 2013 budget.
The summary notes that, when combined with county and education levies, the increase would typically project to less than 2% overall for Minto taxpayers.
“The average property in Minto experienced such a low increase over the 2010 market value most ratepayers will not see an increase in property tax due to the 2012 provincial re-assessment,” the summary continues.
Total projected operating expenditures of about $5.4 million are offset by $1.5 million in grant funding and $45,000 in transfers from reserves, for tax-supported spending totals of just over $3.8 million for operations and about $372,000 for capital.
In total, the budget includes about $5.5 million worth of capital spending, covered largely by grants and reserve transfers.
A budget open house is planned on March 4, starting at 5pm in the council chamber at the municipal administration centre.
