Lakeshore Approves The Lowest Tax Rate Increase In The Region At 2.97%

windsoriteDOTca News Staff

Friday February 16th, 2024, 7:32am

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Lakeshore Council has approved the municipality’s 2024 Budget.

Throughout the deliberations, Council reduced the originally proposed increase of 6.34% to 2.97%. Council also approved a one-time transfer of $700,000 from the tax stabilization reserve to mitigate the impact of inflationary pressures.

On average, the approved tax rate increase will add $54 per year ($4.50 per month) to the municipal portion of property tax bills.

“This was a budget process with bold, focused leadership and I greatly appreciate my fellow Council members who worked hard on behalf of our residents. This budget takes a balanced approach that makes critical investments to meet Lakeshore’s needs while limiting its impact on residents and taxpayers,” said Mayor Tracey Bailey.
“In the face of ongoing financial pressures, we’ve managed to deliver a budget with a tax rate increase that is less than inflation. Even then, we were able to invest in our organization to build on our success and enhance the services that our residents expect,” Mayor Bailey added.

Highlights of the 2024 Budget include:

$9.5 million in road projects. This includes $6.7 million for road rehabilitation, up from $2.7 million proposed in the draft Budget. The increased investment would mean 25 to 30 kilometres of road rehabilitation.
$1.9 million in wastewater projects, $6.6 million in water projects, and $565,000 in stormwater projects.
$620,000 for trail maintenance and tree planting.
$1.47 million for bridges and culverts.
$26.2 million in capital project spending.
Total expenditures of $60.7 million.
$28.2 million transfer to reserves.
$33.5 million from reserves.
$19.68 million in recoveries (grants, user fees, investment income).