Sylvan Lake is proposing a small-than-anticipated tax rate increase for 2018.
The three-year budget approved last year anticipated a 2.3 per cent increase for next year. However, a 1.97 per cent increase has been proposed in the budget going to the public for feedback before going to council for final approval early next year.
The owner of a $350,000 home paid $2,136 in municipal taxes last year, which includes just over $200 in transportation and recreation levies. In 2018, a $350,000 property would pay $2,178.
The total operating budget is projected at $35.4 million.
Town growth is projected at 1.5 per cent so core budget expenditures were held to a 1.5 per cent increase.
A budget presentation to council predicted little change in residential and non-residential property values next year.
“Given the current economic climate, the revised projections for assessment and market value growth negatively affect taxation revenue for the municipality,” says the budget report.
The town expects to receive about $16.4 million in taxes next year, up 3.5 per cent or $564,000 from the $15.8 million that came in this year.
Of the new tax revenue, $285,000 will come mostly from assessment growth. The proposed 1.97 per cent tax increase would generate just under $279,000.
The $15.7-million capital budget includes projects such as a new water reservoir and pump station, water sewer main replacement, road reconstruction and work on the Hwy 20 Erickson Drive intersection.
A budget open house is set for Dec. 12 from 4:30 to 7 p.m. at the NexSourceCentre. For more information go to www.sylvanlake.ca/budget