Collingwood, ON[27 February 2017] – With the approval of the 2017 Budget Monday evening, the Town of Collingwood has kept its 2017 tax rate increase at 0%.
The 2017 budget process continued the program based budgeting introduced in 2015 and aligns with the Strategic Financial Plan.
The approval of Collingwood’s Community Based Strategic Plan in 2015 helped to shape each department’s business plans moving forward, as did recommendations from the recent BMA Financial Report.
Council continues the trend of addressing increasing demands with limiting financial expenditures and not taking on any unnecessary debt. With the passing of the 2017 budget Council paid down $400,557 in internal debt and are continuing to contribute to the Town’s infrastructure budget.
“I’m so pleased with the work of staff to come up with a budget that will see service levels maintained,” said Mayor Sandra Cooper. “Council is very cognizant of rising costs of living for all tax payers and is committed to ensuring we do our part to keep property taxes down.”
The 2017 budget is comprised of $54.9 million in operating expenses, which accounts for the costs required to provide services (such as transit, recreation and roads) as well as staffing and administrative costs.
The total capital expenditures approved are $26.1 million. Capital expenditures relate to projects and expenses where the benefits can be seen over many years, including facilities, vehicles and parks.
Included in the 2017 Budget is a Capital Levy of $1.402 million to be set aside to fund the Capital Asset Management Plan, which catalogues the municipality’s capital assets, and estimates the amount of money that should be set aside to fund their repair and ultimate replacement. The Capital Levy was introduced in the 2015 Budget as a means to fund capital purchases and ongoing costs without the need to incur additional debt.