Budget passes

Town council passed the 2008 municipal budget last night, which included a 3.1904 percent tax increase for residential homes, a 3.461 percent tax hike for multi-residential, and 1.0714 percent jump for commercial occupied.
There also is a 1.3760 percent increase for industrial, a 1.3778 percent increase for large industrial, and a 2.4222 percent increase for pipelines.
Council explained three factors influenced the amount of property taxes residents pay, with only the property tax rate being controlled by council.
The assessed value of property is determined by the Municipal Property Assessment Corp. while the education rate is set by the province.
Property tax rates are based on the revenue that is estimated to be required to operate and maintain the town and its infrastructure.
Water and sewer rates also were increased last night as council cited provincial regulations impacting the rates in the future.
The 2008 budget expenditures increased from last year by $787,805. The total budget expenditures for 2008 totalled $21,997,929.
Expenditures were distributed between corporate, administration and finance, community services, operations and facilities, and planning and development.
Municipal revenues come from taxation, grants, user fees, permits, licences, and fines, and other revenues, such as penalties and interest.
Revenues for 2007 totalled $21,100,158.
The town’s long-term debt was $4,770,665 at the end of 2007.
The budgeted debenture, loan, and interest payments for 2008 is $719,519 from general fund taxation and $202,557 from the sewer fund.
Council cited the new library as a significant concern in setting the 2008 budget. Town council has committed $592,380 to the project, which will be funded by a contribution from reserve funds and long-term debt.