Sidney residents could see their property taxes increase by 4.93 per cent this year, should council approve the draft budget as it currently stands.
The town released its draft 2023-2027 Financial Plan after it was introduced to the committee of the whole on Monday (Feb. 6), which includes an operating budget of $26.6 million and a capital budget of $15.3 million for 2023.
The proposed lift of nearly 5 per cent to taxes equates to an additional $81 on the tax bill for the average residence in the town, and serves as a starting point for council’s budget deliberations.
In a news release, the town said the increase reflects multiple internal and external funding requests, however no part of the budget – including those funding requests and the tax rate increase itself – have been approved by council, and are subject to change.
“Each year, the town’s budget covers a wide range of core services, including but not limited to the maintenance of roads, sidewalks, parks, and underground utilities that residents and businesses make use of daily. The draft financial plan also supports essential police and fire services, while featuring an emphasis on environmental projects, climate adaptation, and active transportation,” read the release.
Two council meetings are currently scheduled for budget deliberations - Monday, Feb. 27 and Tuesday, March 7, with both meetings starting at 6 p.m.
Residents are encouraged to attend the Feb. 27 meeting in person or virtually for an opportunity to share their thoughts on the draft budget with council, and written feedback will be accepted until March 7 by email to admin@sidney.ca.
The complete draft financial plan is available for viewing at sidney.ca.
READ MORE: Sidney seeks public input to refine draft Active Transportation Plan
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