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Tuesday, January 7, 2020

Kincardine Looks at 2020 Draft Budgets

Kincardine | by John Divinski  

There's a proposed tax rate increase of 3.5% for 2020

Kincardine council got its first look at the draft operating and capital budget for 2020.

Kincardine Treasurer Roxana Baumann says the Budget started with a proposed tax rate increase of 3.5% in order to maintain the existing services to taxpayers in 2020.

On an average assessed home of $275,000, it means an annual increase of $65.

Baumann says the good news is the municipality has received "draft education rates and those are expected to decrease by 5%."

That means the proposed annual tax increase of $65 on an average assessed home will drop to $43.

Nevertheless operating expenses in 2020 are increasing 5.4% to 23.8-million-dollars.

In the Executive Summary within the budget, it states, "Much of the increase is a direct result of new debt charges required to fund significant capital projects" within the municipality this year such as the Huron Terrace Forcemain and rehabilitating the Queen Street Bridge.

Although there was much discussion council made no cuts but agreed to meeting again on Friday, January 17th to look at the budget in more detail.

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