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Port Stanley News RSS Feed  News 2018 Budget Talks Last Meeting

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by Doug Harvey
2018 Budget Talks Last Meeting

The Municipality of Central Elgin had the third of three 2018 Budget talks on Monday, February 12th, 2018 at 450 Sunset Drive in the lower level of the Elgin County Administration Building. Karen Harris Central Elgin's Director of Finance and Treasurer began the third meeting with another power point presentation that brought together adjusted preliminary financial details of the proposed Central Elgin 2018 Operating and Capital Budget. Deliberations by department followed searching for a way to maintain control of spending in order to balance the budget. In order to save interest expenses on loans and to limit the debt load, Director of Finance Karen Harris proposed using reserve funds to finance some of the higher cost projects.

While this Budget is still an ongoing process, all projected spending is only proposed and may not be included in the finalized or approved version of the Budget. According to the preliminary documents at the second meeting, the total Net Tax Supported Budget would increase from the 2017 Approved Budget of $12,401,476 to the Proposed 2018 of $13,271,383 which represented an total increase of $869,907 or 7.01%, a 4.41% Assessment increase, and a 2.60% Tax Rate increase.

After today's deliberations, at the third and last 2018 Budget talks some savings were brought in compared to the previous meeting, but in the end, the property taxes you pay are still going up. Overall spending in the Net Tax Supported Budget would still be increasing from the 2017 Approved Budget of $12,401,476 to a slightly lower increase of $504,167 or 4.07% in the Proposed 2018 Budget to $12,948,342. This spending increase represents $42,699 or 0.34% less than the $546,866 of the 4.41% Property Tax Assessment increase already in place for the 2018 Tax year. So the good news so far, is that taxes are only going up 4.07%, not the full 4.41% of the Property Tax Assessment increase. Changes to the 2018 Budget could still happen because the budget is not yet finalized and still has to be approved before Council on February 26th, 2018.


Last Updated: Monday, 12 February 2018 18:43:11 PM EST

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