INNISFAIL – The 2023 Property Tax Bylaw has been approved by Innisfail town council and residents and non-residents will still see a four per cent tax hike for the coming year despite the news there is nearly $900,000 of surplus funds entering local coffers.
At council’s regular meeting on April 10 town councillors signalled they are wanting to move new surplus monies into a recreational reserve fund for the planned new $28.5 million aquatic centre, with a portion put in a separate fund to eventually cover the $287,944.34 the federal government is seeking for RCMP back pay.
The town has a window of two years to forward the money to Ottawa; an issue the town still wants to address through the Federation of Canadian Municipalities.
“Those would be my top two priorities as well; just wanting to be on the safe side with the RCMP retroactive pay and thinking about putting some money in the reserves for the aquatic centre,” Coun. Cindy Messaros told council.
The final council approval on the fate of the surplus monies will come at a future council meeting.
In the meantime, the 2023 Property Tax Bylaw, with its four per cent tax increase, was unanimously approved by town council after three readings.
The discussion on the fate of the surplus monies followed a detailed report by Erica Vickers, the town’s director of corporate services, for the town’s 2023 Property Tax Bylaw; tabled for approval following council’s 2023 budget process last December that resulted in the decision to go with the a four per cent take hike.
Vickers said with the increased assessment that came in last February, and coupled with the proposed four per cent take hike, the town is now seeing a required tax amount of $8,795,738, which is an increase of $413,288 over its original budgeted amount of $8,382,450, and now new revenue for the town.
Council was also told by Vickers the town is projecting a 2022 year-end surplus that will bring an additional $480,000, with over half coming from increased investment interest and the remaining “likely” from less expense spending.
Vickers told the Albertan there is now $1,087,173 in the Facility Reserve that is earmarked for the new aquatic centre.
“The more money we can save up for the pool means the less debenture we'll have to take out at the end of the day,” Vickers told the Albertan on April 13. “If we can end up saving up to two or three million dollars, that means the loan doesn't have to be 12 million. It could be nine or eight. It could be much more beneficial if we're able to save as much money as we can.”
With the approval of the 2023 Property Tax Bylaw, administration will mail out combined taxation/assessment notices to both residential and non-residential property owners by April 21.
Taxes must be paid without penalty on or before the June 30 deadline.
