Kincardine council has passed an over $50 million budget for the coming year, which includes a decent tax hike for residents.
There will be an overall municipal property tax rate increase of 6.86 per cent and a blended rate increase of 5.87 per cent, when combined with the County of Bruce and local school boards.
Council debated adding an additional two per cent to the tax rate to help fund the town's asset management plan, after a presentation from Director of Corporate Services Roxana Baumann showed a substantial shortfall in the municipality's lifecycle reserve fund.
However, that increase was ultimately defeated, with Councillor Bill Stewart saying this wasn't the year to ask more of taxpayers.
"I can't support this in this particular year," he said. "I think you're putting a real liability on the taxpayers by adding this extra two per cent. We could take a serious look at it next year when we maybe sell some of the assets. But right now, I think you're asking for a real sort of pressure on a lot of taxpayers, especially the fixed income, when you start getting into the eight and nine per cent."
The final numbers for the 2024 budget are $38,301,468 for operating and $13,243,442 for capital with a total Municipality of Kincardine tax levy set at $23,521,496.
“The pressures of high inflation, growth, and increased expectations for service delivery affect the considerations and decisions Council makes during budget discussions,” said Mayor Kenneth Craig. “As a Council, we hear the calls for more with the simultaneous ask of not increasing taxes. We’d all like that to be the case, however reality asks that we approach the financial plans for our community with careful consideration. We believe that this budget provides a fair value for all.”
The municipality says some of the key investments for the upcoming year include the reconstruction of Bruce Avenue at a cost of $3.075 million, a $2 million investment in playgrounds, parks and sports fields and $1.7 million to help upgrade vehicles and tools used in the daily functions of the municipality.
To learn more about your municipal budget, visit www.kincardine.ca/Finance.
