Ponoka town council approved its 2024 budget of a total of $26,150,422 and a 4.9 per cent property tax rate increase at its regular meeting on April 23.
The budget includes an operating budget of $22,914,360 and a capital budget of $3,236,062.
According to a town press release, tax revenue of $298,000 helped to maintain the tax rate increase that had been previously approved by council last fall in the interim budget.
The interim budget was approved at the Nov. 14, 2023 meeting. Since then, all requisitions and the final municipal property assessments have been received and considered in the final budget’s tax calculations.
The town agenda package states residential and non-residential assessment increased by a total of $35.2 million over the 2023 assessment.
The tax rate increase of 4.9 per cent equates to an annual increase of approximately $41 per $100,000 of assessment for residential and $53 per $100,000 for non-residential properties.
“Council worked very hard to keep property taxes as low as possible while continuing to fund all the key services that citizens expect,” said Mayor Kevin Ferguson in the release.
Ferguson added the increase in property taxes helps offset ongoing inflationary costs.
The release noted that over a third of the funding for scheduled projects in the 2024 budget are from town reserves due to a decline in government funding over the last few years.
Usually, the majority of the town’s capital and infrastructure projects are funded through provincial and federal grants.
Some of the capital and infrastructure projects planned for 2024 include:
• Annual maintenance and improvement of town roadways and sidewalks throughout the community;
•An expanded skate park is planned at the existing Hamilton Skate Park location.
• Waterworks system improvements, including ongoing equipment rehabilitation at town pump stations and reservoirs and planning and analysis for future improvements to the town’s Wastewater Treatment System;
• Sports field maintenance and upgrades;
• Development of design improvements for Lions Centennial Park which will be guided by public consultation in 2024;
• Design development for a new civic square design for the green space beside and behind the old library building at 48 Avenue and 51 Street will be guided by public consultation in 2024.
“The 2024 budget balances and delivers on key priorities in the town’s Strategic Plan by carefully managing spending while continuing to fund essential services that our citizens rely on,” said chief administrative officer Sandra Lund.
“The budget also invests in maintaining and upgrading key infrastructure to best serve our community and position our town to grow and thrive into the future.”
For more information on the budget and upcoming town projects, visit ponoka.ca.