Wasaga Beach Council has discussed Draft 3 of the 2022 operating and capital budgets.
The operating budget in Draft 3 is $45,541,260 and the capital budget is $57,384,480.
The new proposed tax rate for the municipal portion of taxes is 2.97 percent, compared to 3.59 percent in Draft 2. This change respects council’s request at the previous meeting that a third draft contain a tax rate increase under three percent.
The blended tax rate – when the county and school board rates are considered – would be 2.25 percent, assuming there is no increase in the school board rates. Inflation has recently reached 4.7%.
Wasaga Beach continues to have one of the lower tax rates in contrast to its municipal comparators. Higher tax rates are in Orillia, Penetanguishene, Midland, and Collingwood.
For a home in Wasaga Beach assessed at $450,000 in 2022, the municipal portion of taxes would increase by $77.16. The total property tax increase – factoring in the county rates and school board rates – would be $101.78, an additional $8.48 each month.
To achieve the new tax rate, staff reduced expenditures and offset expenses, finding savings of $165,000.
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Members of council, sitting as Committee of the Whole as Budget Committee, received Draft 3 of the 2022 operating and capital budgets Thursday morning. See our latest Budget Update to learn more: https://t.co/6NviKzWuIc #MovingWBForward #WasagaBeach pic.twitter.com/BgOiHQtVkT
— Town of Wasaga Beach (@WB_Media) December 2, 2021