Sylvan Lake passes budget

Sylvan Lake council opts for 0.2 per cent tax rate increase

Sylvan Lake passes budget

Sylvan Lake council will virtually hold the line on taxes next year.

Council’s three-year budget passed on Monday night calls for a 0.2 per cent tax increase for residential and non-residential ratepayers.

On a typical property assessed at $332,500 for 2017, the municipal tax bill will remain at just over $1,900. That does not include school taxes, which won’t be known until the spring.

Utility rate increases will increase about $21 a month, to $97 monthly.

Sylvan Lake’s operating budget for next year is $37.4 million, up from $35.5 million the previous year. The capital budget is $11.7 million.

The tax rate increase is much lower than the 2.96 per cent that council had pencilled in for 2017 when it passed its last three-year budget in 2015.

That increase was based on a projected 4.5 per cent population growth. Now, the town believes the number will be closer to 1.5 per cent and projected assessment growth has been reduced to $40 million from the original $60 million prediction.

Town council says the budget focuses on essentials; the opening of the NexSource Recreation Centre in the spring, and necessary projects identified in a 2015 infrastructure study.

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