Sylvan Lake town council increases property taxes

Sylvan Lake town council decided to bump up tax rates by three per cent to put money aside for infrastructure in a recently approved $20-million operating budget.

Sylvan Lake town council decided to bump up tax rates by three per cent to put money aside for infrastructure in a recently approved $20-million operating budget.

The increase in tax rates is expected to generate about $300,000 and will be earmarked for future infrastructure projects. It will be combined with $450,000 already set aside in the capital budget to leave $750,000 for future roads and other projects.

A levy designed to save money for recreational projects was also increased to ensure cash is available when new facilities are needed.

The impact on taxpayers will vary. Since home and property values have decreased over the past year, some will see small decreases in their taxes.

Others, such as residents of Marina Bay where property values have increased almost two per cent, will see a tax increase in the neighbourhood of four per cent.

Darren Moore, the town’s director of finance, said preliminary results project declining property values during the economic downturn reduced the town’s $2-billion assessment base by about $40 million. New construction worth about $30 million offset most of that and additional assessment will be added during the year as projects are completed.

Council also voted to increase a recreational levy that has been in place for a number of years and was used most recently to help pay for the community’s new multiplex, said Moore.

The recreational fund has been drained and will be brought back to a break-even position in 2010. The fund will then be built up again to provide for future projects.

“Going forward, we want to have some money in reserves and/or maybe have some money available on an annual basis to put towards a debenture payment or a debt payment to fund future facilities like a new arena or a new curling rink,” said Moore.

As it gets closer to the time that new buildings will be required, annual contributions to the fund will likely be boosted further.

The $23-million capital budget includes $5.4 million to build a new town hall. Construction is expected to start in the fall of 2010. More work on Lakeshore Drive will also take place next year at a cost of around $6 million.

Just Posted

More than $25k raised for Red Deer firefighter who is recovering in hospital

‘I think the support he’s getting is because of the person he is’

Lacombe backs Blackfalds stormwater plan

Stormwater management plan will open up more land for development in Blackfalds

Two men facing charges in alleged abduction

RCMP issued alert for woman on Wednesday morning who was found safe later that day

Red Deer RCMP seek public assistance to identify suspect in indecent acts

Red Deer RCMP are looking for a man believed to be responsible… Continue reading

WATCH: Two weeks away from Canadian Finals Rodeo in Red Deer

In just two weeks, Ponoka’s Shayna Weir will compete with the best… Continue reading

Leon Draisaitl has overtime winner as Edmonton Oilers down Boston Bruins 3-2

EDMONTON — Connor McDavid set up Leon Draisaitl for the overtime winner… Continue reading

Edmonton girl guide sells out of cookies in front of cannabis store on first day

EDMONTON — She’s being called one smart cookie. As people lined up… Continue reading

New vacuum needed: Calgary family adopts three bonded St. Bernard buddies

EDMONTON — Three adult St. Bernards who couldn’t be separated because they’re… Continue reading

Film with Fan Bingbing, Bruce Willis cancelled after tax case

BEIJING — The director of “Air Strike,” featuring Chinese actress Fan Bingbing,… Continue reading

Michael Buble shuts down rumours of retirement from music

LOS ANGELES — Michael Buble is shutting down rumours that he’s going… Continue reading

After Canada legalizes pot, industry eyes rest of the world

MONTREAL — Cam Battley is a top executive at one of Canada’s… Continue reading

Facebook’s election ‘war room’ takes aim at fake information

MENLO PARK, Calif. — In an otherwise innocuous part of Facebook’s expansive… Continue reading

Military to overhaul morale-boosting trips after review finds serious problems

OTTAWA — Canada’s top general is overhauling military morale-boosting tours after an… Continue reading

Most Read