Sylvan Lakers to get tax break

2018 budget surplus allows council to reduced proposed tax rate increase to 1.9 per cent

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.

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