PUSLINCH ‒ Council is looking at a preliminary budget increase of 3.78 per cent in 2024.
Presented by the township's director of finance Mary Hasan during a council meeting, the proposed tax-supported capital budget has increased $189,000 to $1.5 million- including nine studies, plans or inspections as well as contributions to three reserve funds in 2024.
According to Hasan, part of this increase is a direct result of Bill 23, the More Homes Built Faster Act, as several studies associated with capital projects on the list and in the capital forecast are no longer covered by development charges.
To reduce the proposed levy, council suggested deferring the proposed Parks and Rec Master plan until 2025/2026 and paying for a pick-up truck using the parkland dedication reserve.
Council also recently allocated approximately $16,000 in grant funding, which is also anticipated to impact the proposed levy increase.
Based on the 2023 returned assessment roll, $50,000 of taxes levied results in a one per cent tax rate increase for the township portion of taxes.
Assessment growth is estimated at approximately three per cent or an estimated amount of $149K of additional township tax revenue due to growth.
A budget public information meeting will take place in early January.
The final budget will be approved in February.
Isabel Buckmaster is the Local Journalism Initiative reporter for GuelphToday. LJI is a federally-funded program.
