Five-year revenue topping expenses

Lake Country plans to spend less than it collects in revenue during the next five years.

Between now and 2028, total revenues are estimated to be $258.4 million while total expenses are forecast at $219.5 million.

Annual surpluses are estimated at between $12.4 million this year to an average of $6.5 million in the years 2025-2028.

Most of the annual surpluses are put toward the amortization of tangible capital assets and transfers to transfers to reserves, according to a five-year financial plan going to council next Tuesday.

Of the town’s $53.8 million in anticipated revenue in 2024, $22 million will come from property taxes.

Municipal taxes percent this year.

“Council agreed that the increase is necessary to maintain current service levels throughout the district,” the town states on its website.

“These services include supporting community safety and keeping up with rising costs of delivering services. Long-term infrastructure planning and asset management were also included along with necessary wage increases required for the District to remain competitive and retain skilled staff,” the town says.

Other significant revenue sources are various fees and charges at $12.6 million and $4.2 million in fees paid by developers for the construction of new roads, parks, and will rise 9.5 other civic amenities to accommodate the population.

Policing and fire make up the single largest component of the $41.4 million in total expenses this year, at $9.8 million. Parks and recreation account for $6.1 million with water operations at $5 million.

“The 9.52 per cent property tax increase represents an approximate increase of $248,000 to the average single-family home, which is currently assessed at $1,086,000 in Lake Country,” the town website says.

Homeowners are by far the biggest source of revenue for the town, collectively providing 88 per cent of tax revenue. Revenue from business-class properties is at 7.9 per cent of total taxes, while industrial properties provide 2.4 per cent. necessary increased