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Citizens of Lake Country are looking at a 3.13 per cent tax increase, that's approximately an additional $50 per average single-family home assessed at approximately $492,000. On Tuesday, Lake Country District Council reviewed the budget and deliberated over funding availability in the 2015 tax fiscal year. The official budget was adopted Thursday night and the summary was released Friday afternoon.
Photo credit: District of Lake Country Facebook.
The 3.13 per cent tax increase is in consideration of the CN rail corridor purchase. Although the District has yet to approve the acquisition of a $2.6 million debt servicing for the rail-trail project, funds must be allocated anyways. Citizens have until February 23rd to oppose the purchase and if they're in opposition, the $2.6 million debt servicing will not go forward. For more information on the CN Rail Corridor, visit the Lake Country website.
Raking in a hefty $1,500,000, the replacement of the arena floors was the most expensive item on the agenda, followed by the Water System Improvement project at $172,000.
Although not the most expensive, the most pressing project on the agenda is the Parks and Recreation Master Plan, which will see to the revitalization and creation of public park spaces in the region.
“The Parks and Recreation Master Plan is a really important plan for the community,” said Karen Miller, the Communications Officer for the District of Lake Country.
Lake Country taxes managed to remain at a respectable low this year thanks to the Chief Administrative Officer's diligence. A 2014 Business system review found that savings for that year were approximately $201,500. The savings provided for $97,500 in increased funding within the capital program and the balance of the savings were allocated to keep this year's tax increase at bay.
In order to balance the budget, Council is required to offset the operational increases and cost of projects in the General Fund with new growth.
“Generally, every year we budget to replenish reserve,” explained Miller. “A tax increase balances the budget between revenue and expenditures.”
According to Mayor James Baker, the budget review was a success.
“It went very well,” said Baker. “council was very involved and were working strategically.”
Photo credit: District of Lake Country Facebook.
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