Olds town council has cut this year's property tax increase.
Originally the tax increase was going to be 2.5 per cent but after some debate amongst the members of council it was decided to only go up two per cent.
The only councillor to back the 2.5 per cent increase was Mary Anne Overwater, who felt that the extra .5 per cent would be beneficial long term for when there’s a “rainy day.”
“I would just like to say that I am in favour of 2.5 per cent,” Overwater said. “I believe we need to get over just going with the cost of living.
“If we’re going to continue to do that then we’re going to have to take a serious look at service levels as to what we’re going to start taking away from our citizens versus what we’re going to improve upon.”
The first councillor to speak against the 2.5 per cent increase was Heather Ryan who felt that a two per cent increase will put enough into reserves.
“I understand we need to put some money away for a rainy day, so having some money in reserves is great.
“We need to be fiscally responsible and be able to respond to any emergency that comes up and that way we would have $60,000 being put into reserve at two per cent.
“Plus, we would also be looking at our residents and saying we understand there’s an economic pinch out there,” said Ryan.
Also against the idea of the 2.5 per cent increase was Coun. Mary Jane Harper who said franchise fees have already hit the wallets of residents enough.
“We have already put our citizens through increases of franchise fees, so they’re already feeling a large increase as a result of that,” said Harper. “I think it would be great decision making, not to have the 2.5 per cent.”
Chief administrative officer Michael Merritt said tax notices will go out sometime in May.
