Tuesday, April 7, 2015

City's Financial Department to seek out one dollar more on this year's tax bill

CFO Corinne Bomben will
provide her final Budget notes tonight
The final bit of number crunching is apparently at an end and tonight Corinne Bomben, the City's Chief Financial Officer will deliver her final Budget report to City council.

Much of the material she will outline for Council this evening will be the same as the previous information sessions, however there will be one small difference in the final amount that the city will be seeking from its ratepayers for 2015.

With the City having received the final property assessment values on March 30th, it will be noted for   council that there has been a downward change in that assessment of 4 million dollars.

With that shift in the numbers, city staff will be recommending that the final increase in the mill rate be set at 2 per cent, the amount that City staff says is required to balance the 2015 budget.

That will result in an additional dollar to be required from the projections of February 23rd.

This would mean that a homeowner with an average assessed value home can expect to see an increase of 38 dollars, as opposed to the 37 dollar increase originally projected.

Council will begin the process of approving the Grant request recommended by staff at tonight's meeting.

You can review the full document from the City's Agenda Package for tonight's session, it starts at page three and continues to page 8

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