Warwick Council has approved a five per cent tax increase, which is expected to generate an additional $150,000 in revenue for the township.
Council approved the document on January 25.
The tax increase represents a hike of $34.73 per $100,000 of residential assessment.
The approved budget includes just over $3.6 million in capital spending.
Some items highlighted in the capital budget include an investment of $350,000 to support the construction of a new salt shed, $400,000 for Birnam Line and $250,000 for Brick Yard Line road improvements.
Council has also earmarked $1.2 million for watermain infrastructure, and $100,000 to replace the lights at the Warwick Ball Park.
Mayor Todd Case said some cuts unfortunately had to be made due to rising interest rates and municipal insurance premiums increasing by eight per cent.
“It was a tough budget year for the municipality as there are a lot of capital projects to fund,” said Case in a media release. “Council continues to invest in infrastructure throughout Warwick and are pleased to add $195,000 into reserves for our fire department to ensure money is available to upgrade rescue service vehicles.”
With an operating budget of $7.88 million and a tax increase of five per cent, the township will need to draw approximately $371,000 from reserves to cover the funding shortfall for the operating budget.
