Residents in Rocky Mountain House can expect to pay a little more in taxes next year.
After council’s approval of the 2024 operating budget of $26,886,633 and capital budget of $6,683,200 on Dec. 19, 2023, residential property owners can anticipate a 3.79 per cent property tax rate increase, while non-residential and commercial property owners can expect to see a 4.97 per cent property tax rate increase and 3.42 per-cent for non-residential large business.
Town officials add, however, actual property tax rates will be set in the spring after the Town receives its 2024 property assessment roll.
The approved budget includes a four per-cent increase in property tax revenue. This is expected to generate $376,000 more in municipal property tax revenue for the Town of Rocky Mountain House next year.
“Similar to all municipalities in Alberta, council faced steep inflation and other challenges with this budget,” said Deputy Mayor Marley Capraro. “In the operating budget, this is especially noticeable in the rising cost of utilities necessary to operate Town facilities.”
Officials say these increases are tempered by the Town’s investments in energy efficient upgrades, particularly at the Credit Union Co-op Aquatic Centre, over the past few years.
“If the Town hadn’t pursued these upgrades to the heating and air-handling units, we would be facing an even greater operating cost increase,” noted Capraro.
Other revenue increases include an additional $630,000 in grants, and $890,000 in returns on investment.
Council approved the 2024 budget at its December 19, 2023, regular council meeting. Town officials say it provides council’s direction on spending for the coming and future years and allows administration to implement council’s directed service levels for the municipality.
It’s noted the 2024 operating budget includes revenues of $9.7 million from property taxation (an increase of $376,000 over 2023) and $3.5 million in operating grants. Service and user fees (including utilities), permits and licenses, leases, rentals and returns on investments make up the balance of revenue.
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