The draft 2014 budget proposes a 2.1 per cent residential property tax increase. The proposed increase is the lowest in 10 years, states the city manager’s message at the start of the draft document released Friday afternoon.
The draft 2014 budget proposes a 2.1 per cent residential property tax increase.
The proposed increase is the lowest in 10 years, states the city manager’s message at the start of the draft document released Friday afternoon.
The forecasted municipal tax change on residential property tax assessed at $400,000 would be 2.1 per cent, or a $65 increase over 2013, for a total of $3,154.
Commercial and industrial property taxes are expected to go up 2.15 per cent, which would result in a $98 increase on a piece of property assessed at $400,000 when compared to 2013.
City staff are projecting there will be $2.1 million in assessment growth in 2014.
The majority of operating revenue is funded by property taxes. The other 35 per cent is made up from sales, user fees, government grants and “other.”
Staff found $784,400 in savings via improved scheduling, better utility contract rates and reductions in contracted services when it comes to expenses.
The draft corporate business plan and budget outlines key strategic initiatives in every department, including 32 new proposed business cases in the operating budget totaling a worth of $1.8-million. There is also a list of capital budget and utility capital projects.
Utility rates are currently set to increase 6.5 per cent in 2014, impacting the average monthly bill with a $7.59 increase.
The budget documents are available online at www.stalbert.ca/budget2014.
City manager Patrick Draper kicks off budget-related meetings on Tuesday afternoon with a presentation to council and there are three town halls being held Nov. 13 to 15.
