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Friday, December 13, 2019

Hanover Budget Set For 2020

Hanover | by Robyn Garvey  

Increase of 3.68 per cent on tax levy.

After scrutinizing the numbers and meeting with Department Heads, Mayor Sue Paterson says Hanover Councillors have put their stamp on approval on what she calls a fair and responsible budget.

The budget bylaw will come before Council for final approval sometime in the new year once it has been blended with the County and Education tax rates.

The 6.9 million dollar budget represents a 3.68 percent rise on the tax levy; which is an increase of $246,800 dollars.

Paterson says setting the budget is always a delicate balancing act of delivering the services residents want and need while struggling to keep the tax increase to a minimum.

Based on preliminary assessment available, the budget is expected to represent a 2.79 percent increase to the local portion of the tax rate.   (MPAC 2020 assessments will be released later in December.)

This means the average home assessed at 220 thousand dollars will experience a $50.81 increase in municipal taxes or $23.51 increase on every 100 thousand dollars of assessment.

In total, Hanover has 5.1 million dollars worth of capital projects on the books for 2020, however only 1.4 million will be financed through local taxes and OLG funds.

The 2020 Budget will come before Council for final approval once the Education and County tax rates have been set and the Town is able to blend the tax rate.

This is expected to happen by March.

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