Sylvan Lakers are getting some good property tax news.
Thanks to a 2018 budget surplus that hit $750,000, the town is reducing a proposed tax rate increase to 1.9 per cent from the 2.74 per cent projected in the three-year financial plan.
The non-residential rate will drop to zero per cent from the 2.74 per cent that was anticipated.
The good financial news was a result of fines and penalties, investment income and user fees and facility rental revenues coming in higher than projected.
“Economic development continues as a strategic priority for us,” says Mayor Sean McIntyre in a statement.
“As a council, we understand the challenges that our business community is facing, given the economy in recent years.
“With an adjustment to our 2019 non-residential tax rate, we are reinforcing our commitment to local business retention and attraction.”
Overall residential tax rate increases will average 1.7 per cent when separate transportation and recreation levies — both of which are going down in 2019 — are factored in.
Tax rates were reduced by using $140,000 of the surplus. Another $100,000 is going into an information technology sustainability fund.
Council also voted to allocate $237,000 toward the Sylvan Lake Spray Park project.
This story was updated on April 10 with more information on the amount of the surplus.