NOTL budget nears targeted 4.5% hike

After two months of debate and many changes, the Town of Niagara-on-the-Lake is on track to achieve its targeted property tax increase of 4.5 per cent for 2019.

The first draft of the operating budget presented to council by staff in December included a 13.45 per cent hike in the levy.

A staff report presented Monday to the town’s finance advisory committee sought approval for an $11.6-million operating budget and a $9.5-million capital budget. That would have resulted in a 5.1 per cent hike when property assessment growth is factored into the budget.

Further changes were recommended by councillors on the revenue and expenditure sides of the operating and capital budgets.

The library’s budget increase was slightly reduced and additional funding for Niagara Historical Society Museum will be taken from parking reserve funds. The planned installation of parking meters on Byron Street in the Old Town was taken out of the capital budget and Royal Oak Community School will receive a reduction in its rent at the former hospital on Wellington Street owned by the town.

Treasurer Kyle Freeborn said he expects there will be surplus of $200,000 to $350,000 from the 2018 budget. Year-end surplus funding is usually allocated by the town in May.

If council approves the committee’s budget recommendations next week, an average home valued at $483,000 would see an increase in the town’s portion of property taxes of about $50.