The Municipal District of Bonnyville made significant decisions regarding the upcoming fiscal year by approving the 2024 Operating Budget and Capital Plan.
Council highlighted a 2.21 per cent increase in the municipal portion of property taxes. The move aims to balance the need for continued high-quality services while being mindful of the prevailing economic conditions. Reeve Barry Kalinsky says these conditions include inflation.
“In a year where we’ve seen inflation for goods and services range anywhere from five to eight percent, we are considering this a modest increase to continue offering our ratepayers the high level of service they have come to expect,” Kalinsky said during the meeting.
According to administration’s report, this increase would translate to an approximate uptick of $31.70 on an average tax bill.
Following four days of deliberation in November, the 2024 Operating Budget has been set at just over $56.8 million. A couple of projects included in the Capital Budget are $5.5 million for the Cherry Grove Fire Hall and $4.45 million for various road projects.
The finalization of the 2024 tax rate is scheduled for May after the M.D. receives the annual requisitions for school taxes, Lakeland Lodge and Housing, and the Greater North Foundation lodging. The comprehensive approach allows the council to consider all relevant factors before determining the final tax rate for the upcoming year.