GUELPH/ERAMOSA — Guelph/Eramosa council was told the township needs to increase taxes 3.76 per cent in 2023.
Linda Cheyne, the township’s director of finance, explained that the township needs an additional $289,994 for the 2023 budget.
“Basically what we’re looking at to fund the municipal operation and the capital that you’ve seen today, we’re looking for $21.5 million,” Cheyne said.
That budget projection would see a tax increase to property owners of $10 per $100,000 of assessed value.
A large chunk of the taxes will be required to invest in infrastructure maintenance.
“To continue to support the sustainability of our infrastructure, we’re looking to include $280,000 for that dedicated reserve for infrastructure renewal.”
The township is getting revenue from user fees, penalty and interest, development charges and reserves.
“We will collect 13,654,536 in revenues from user fees, penalty and interest, and funding from capital through long term, well there is no long term debt financing. I should have taken that out. My apologies, development charges and reserves.”
There is also a new assessment which will raise roughly $146,000 for the township.
“And we will receive another $146,000 for new tax revenue from growth related assessment so that’s new assessment that’s come on, that wasn’t there last year.
“As presented today, we need another $289,994 additional property tax revenue to fund this budget. And this represents a 3.76 per cent increase over last year’s property tax levy."
Jesse Gault is the Local Journalism Initiative reporter for GuelphToday. LJI is a federally-funded program.
