THUNDER BAY – The city’s proposed budget would require an increase of 5.77 per cent to the tax levy.
The proposed 2016 budget, which was released on Monday morning, would feature an increase to the tax levy of $9.85 million due to an increase of $8.9 million in the net operating budget, which would be offset by a $1.6 million reduction in the net capital budget.
That increase for existing taxpayers would be around 3.83 per cent, or $6.53 million with the rest coming from growth, $3.32 million or 1.94 per cent. The 2016 increase is at the higher end of a planned three-year average increase of 3.2 per cent, which includes options for increases of 2.8 per cent and 2.5 per cent in the following two years.
The increase is attributed to $2.2 million for stabilization measures, $1.4 million to compensate for revenue reductions, $1 million in debenture payments, $0.9 million to compensate for an Ontario Municipal Partnership Fund grant reduction and $0.9 million for staffing increases.
The proposed 2016 net operating budget is $212.7 million and the proposed 2016 net capital budget is $18.7 million.
Note to readers: The story was updated to include proposed levy with assessment growth factored in.
