As the town continues to work on its 2005 budget, council agreed to institute an interim tax levy and also borrow money to meet current expenditures at Monday night’s regular meeting.
Treasurer Peggy Dupuis noted yesterday afternoon that as in previous years, the interim levy is equal to about half of the total amount of taxes property owners paid in 2004.
She said interim tax levies are a means to secure revenue to keep operating while council determines the final tax rates in the 2005 budget.
She added implementing interim tax levies is common practice each January and certainly a procedure that has been done in the past. It is permissible under the Municipal Act, 2001.
Dupuis said the interim tax bills are being worked on now and will be sent out shortly. Fifty percent of the levy shall become due and payable at the end of February, with the balance due by March 31.
As is normal procedure at the beginning of the year before the budget is done, council also passed a bylaw to authorize temporary borrowing as required until revenues are collected.
Just like last year, the agreement for 2005 is with the Canadian Imperial Bank of Commerce to borrow sums not to exceed $4 million.
Fort Frances Times
Local News from Across the Rainy River District
