Thanks to a surplus in the 2018 budget, Sylvan Lake residents will experience a tax break in 2019.
According to a press release released by the Town of Sylvan Lake, the 2019 residential taxes have been reduced to 1.9 per cent. Town Council had originally proposed the residential tax rate for 2019 sit at 2.74 per cent.
READ MORE: Sylvan Lake’s residential tax to increase 2.74 per cent in 2019
“…Council is [sic] happy to approve a decrease to the proposed 2019 residential tax rate; looking to 2019, we are shifting our focus to improving customer service,” Mayor Sean McIntyre said.
Council says they are working to maintain economic development as a priority for the town.
With the 2018 surplus, the Town has also reduced the non-residential tax rates from the proposed 2.74 per cent to 0 per cent.
“Economic Development continues as a strategic priority for us. As a Council, we understand the challenges that our business community is facing, given the economy in recent years. With an adjustment to our 2019 non-residential tax rate, we are reinforcing our commitment to local business retention and attraction,” McIntyre said.
The surplus also allowed the Town to reallocate a total of $237,000 to go towards the Sylvan Lake Spray Park and a one-time allocation of $100,000 towards an Information Technology (IT) Sustainability Fund. This will money will go towards addressing the “IT service level gaps” in the town.