The town is looking at a 3.8 per cent increase in the local tax levy after preliminary discussion of capital and operating budgets for 2015.
The focus of a second budget meeting on March 10 was a $7.1 million dollar capital plan to be funded by $2.5 million of new borrowing, $1.6 million in grants, $1.7 million from reserves and revenue, and the balance from unspent 2014 capital budget and land sales.
The net impact of the budget as it stands, blended with county and projected education rate, would be $2.3% on the average residential ratepayer in a home valued at $205,000.
That translates into $65 more per year, of which $39 goes to Minto. Accounting for growth and stabilization the town’s budget increase remains at 3.8%, which is the same as projected after operating budget discussions on Jan. 10.
A public open house on the budget is set for April 7 at the municipal office.
Under the “aggressive capital program,” reserves are projected at $8.5 million and borrowing at $7.7 million for year-end 2015, the town stated in a press release. In 2016, debt is forecast to drop to $7 million while reserves rise to $8.65 million.
“Last term, Minto council completed $14 million in capital work over four years. This budget accomplishes half that amount in one year, with $5.9 million worth of work on core infrastructure, split between public works and cemeteries $3.7 million, and water and sewer $2.2 million,” stated the press release.
Water and sewer bills are not expected to increase in 2015, although new rates for metered water could involve increases in some sectors.
Major projects include Harriston Elora Street reconstruction and streetscape at $1.7 million, three blocks of Ann Street, Clifford, $430,000, James Street, Palmerston $816,000, and resurfacing 6th Line of Minto $480,000 over two years. The Bride Road culvert will be completed at a cost of $652,000, along with $90,000 more in culvert work in the rural areas.
Among vehicles to be replaced is a 1999 plow truck at a cost of $300,000.
Mayor George Bridge stated, “We are being aggressive to address our infrastructure deficit as set out in our asset planning process. Interest rates are low and we have to take advantage of this and the grants available to us.”
The operating budget includes $150,000 of new tax dollars being directed from operating into reserves for future capital spending.
Finance committee chair and councillor Mary Lou Colwell suggested, “This capital program will accomplish projects that have been on the books for years. Council needs to hear from the public on the merits of our aggressive plan.”
The public open house scheduled for April 7 between 5 and 6:30pm in the council chambers at the town office located at 5941 Highway 89, Harriston, and will include the majority of council members, CAO/Clerk and department heads. Anyone may attend the come-and-go-style event to discuss the budget proposals.
The budget summary report, presentation to council, minutes of budget meetings, and video recordings of the meetings will be available on the town website at www.town.minto.on.ca. A budget binder can be reviewed in the town office during regular hours between 8:30am and 5pm.
The 2015 budget theme is “hitting the ground running,” Subject to public input, council will consider final budget approval April 21 at its regular meeting.
