Holding steady on property tax rates
KENSINGTON — The tax rate for property owners in Kensington will remain unchanged for the 2022-23 fiscal year as the town reviews a preliminary budget that boasts a surplus for the year.
Town council members reviewed the draft budget during the Monday, March 14, regular meeting, which reflects a surplus of $30,439 with total revenues of $3,647,618 and expenses amounting to $3,617,179.
Council also approved a motion to keep the town's property tax rates steady for the year for non-commercial and commercial assessments at $0.55/$100 non-commercial and $1.30/$100 for commercial.
Faced with rising costs this year, Mayor Rowan Caseley attributed the town's ability to maintain the tax rates to a growing population.
Kensington added about 200 residents in the most recent census, Caseley noted – not including the 105 properties that were annexed in March 2021, which are exempt from property taxes for five years.
"There's been enough growth in the town to offset
the increases in expenses, which is helpful," said Caseley.
During the meeting, Coun. Rodney Mann noted that Kensington also did well under the province's equalization
payments.
"There's always winners, and there's always losers, and Kensington happened to be a winner," said Mann.
By department, the town's water and sewer utility will operate at a budgeted loss of $56,128, Credit Union Centre will run with a $7,922 surplus and the fire department will run with a $30,638 deficit.
Caseley noted during the meeting that the rates for the Water and Sewer Utility reflect a four per cent increase.
The town's budget for capital projects in 2022-23 is $6,751,807. Notable projects include $1,433,984 budgeted for completion of the town's business park, the Broadway Street South water and sewer extension costing 2,096,696 and $1,632,000 for Credit Union Centre Upgrades.
If all capital projects happen, the town will need to borrow $1,667,884 and use $165,338 in municipal funds.
"However, it should be noted that all projects will not happen if we are not successful in obtaining the anticipated funding supports from the federal and provincial funding streams," Caseley said.
A special council meeting to adopt the budget will be held on March 28.