Sidney residents can expect to see a 4.57 per cent tax increase this year now that council has approved its 2023-2027 financial plan.
Council adopted the budget following a final round of deliberations on Tuesday (March 7). It includes an operating budget of $26.6 million and a capital budget of $15.3 million for 2023.
The approved tax increase for the year ended up being lower than the increase outlined in the draft budget presented to council in February, which featured a proposed 4.93 per cent increase.
According to a news release from the town, council worked to keep the tax increase below the rate of inflation, and succeeded in keeping the increase 2.39 per cent lower than inflation through “conservative budgeting,” using available funding sources, and thanks to higher-than-average tax base growth in the town.
This growth came from both commercial and high-density residential construction over the past year, producing an additional $400,000 in new tax revenues.
“I am pleased that council was able to keep this year’s tax increase well-below inflation as we know community members and local businesses are feeling the rising cost of living,” said Mayor Cliff McNeil-Smith in the release. “Council exercised financial prudence, ensuring a high level of town core services, along with healthy reserves and well-maintained infrastructure into the future.”
In addition to the wide range of core services covered by the budget each year, the town said this year’s budget features an emphasis on environmental projects, climate adaptation, and active transportation.
READ MORE: Sidney considering 4.93 per cent tax increase in draft budget
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