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Thursday, June 20, 2024
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HomeNewsCouncil Finalizes 2024 Budget With Tax Increase Of Approximately 4.44%

Council Finalizes 2024 Budget With Tax Increase Of Approximately 4.44%

KAWARTHA LAKES-City of Kawartha Lakes taxpayers will be paying at least 4.44% more in 2024.

City council finalized next year’s budget at a Special Council Meeting at City hall earlier today. They started with day with an increase of almost 5% after finishing the capital budget last week. Councillors worked through a series of questions about the tax-supported operating budget, special projects budget and the water-Wastewater Capital and Operating Budgets.

$75,000 was removed from the budget for the estimated cost of the Heritage Walk design at City Hall which reduced the budget just enough to get the increase below 4.5% with 1.5% of that coming from an infrastructure levy and 2.94% for general city operations

The Proposed 2024 Budget and Business Plan released on November 24 reflected a general tax increase of 4.56 percent. Staff brought forward amendments to the proposed budget to reduce the general tax levy to 3.99 percent, namely by transferring to the 2024 Capital Budget $1.2 million in uncommitted Ontario Community Infrastructure Fund (OCIF) financing from the City’s multi-year Low-Volume Gravel Roads program. 

Mayor Elmslie expressed enthusiasm about the budget, stating, “This comprehensive capital plan falls in step with our long-term goals. We’re committed to maintaining affordable taxes for our residents as we navigate the rapid growth we’re experiencing. We’re catching up on projects we had to postpone, putting more investment into roads than ever before, and ensuring our community thrives. Our staff did a great job in crafting a budget that is financially prudent and lowers the tax levy. I’m thankful to all Councillors for their determination to represent their constituents. Our lively discussions have brought forward new projects that will be well received by those we serve.”

We will have more on the final budget on Wednesday.

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