Olds councillors got a first look at the 2013 budget on Nov. 19 at the Policies and Priorities committee meeting, with town staff pegging the operating budget at $23.2 million and the capital budget at $4.6 million.
Terryl Allen, the town's director of corporate services, said the town's assessment has increased 3.2 per cent this year, with both commercial and residential assessment increasing 1.6 per cent over last year. If the tax rate remained the same in 2013 as in 2012, Allen calculated the town would receive an additional $223,000 over last year's tax revenue.
Like last year, considerable discussion took place amongst councillors regarding Allen's assertion that to fully fund amortization of the town's non-utility assets – which are self-funded – taxes would have to increase by about 18.5 per cent. Councillors who voiced an opinion on the matter said an increase of that magnitude would be a non-starter. Allen, however, proposed a zero per cent tax increase with several different projects highlighted on the capital list.
The largest project identified in 2013 is the street improvement program at $738,831.
Other projects on the list for 2013 include $518,500 for wastewater collection main replacement, $450,000 for 51 Avenue access improvements, $387,000 for water main replacement and $250,000 for traffic lights at the intersection of Highway 2A and 57 Street.
“There's a number of large projects,” Allen said.
While the public is welcome to attend all the budget discussions that council has, an open house will be held on Dec. 3 in council chambers from 7 p.m. to 9 p.m.
