Council members have also authorized a budget public meeting on Dec. 14, when staff will present the 4-year operating forecast and the 10-year capital forecast.
The total operating budget in the second draft is $44,512,550, compared to $44,174,260 in the first draft.
The total capital budget in round two is $58,715,590, compared to $56,680,700 in the first draft.
The operating budget covers the day-to-day expenses to deliver services to residents, such as staff wages, repairs and maintenance, as well as insurance and utilities, while the capital budget supports long-term investments such as infrastructure and facilities.
Draft 2 of the budget reflects a tax rate increase of 3.59 percent for the municipal portion, a 1.44 percent increase over Draft 1. When the estimated county and school board portions are included, the blended overall tax rate increase stands at 2.61 percent at this point in the budget process.
Under draft 2 of the budget, the estimated property tax increase for a home assessed at $450,000 is $117.82, of which $24.62 is the county portion, and $93.20 is the municipal portion.
The remaining portion of the tax rate increase is 0.21 percent and this is because of changes made to the second budget draft. These changes include:
- Payroll adjustments
- Contract extensions
- New staffing positions
- 2021 budget carryover amounts
- Minor adjustments to expenses
- Revised budget estimates
- Reserve transfer updates
- Limited additional expenditures
- Adjusting funding plan for the new aerial fire truck
The net increase to Draft 2 of the budget is $59,370.
Members of Wasaga Beach council looked at draft 2 of the proposed 2022 budget Wednesday night. Find our latest Budget Update here: https://t.co/pr6f8vfvtQ #MovingWBForward #WasagaBeach pic.twitter.com/nECpwp1KXe
— Town of Wasaga Beach (@WB_Media) November 12, 2021