Lacombe County’s 2015 interim operating budget of $45,899,080 has been given council’s stamp of approval, and comes with a 2.75 per cent municipal tax rate increase.
A transfer from the tax rate stabilization reserve in the amount of $963,670 also supports the balanced budget.
Expenditures and revenues in the amount of $22,497,470 are provided for in the 2015 interim capital budget. That’s a $4,294,580 increase over last year’s capital budget.
The county says the budgets fall in line with the priorities of its 2015-2017 Strategic Plan, which places emphasis on financially viable and sustainable service levels for its current and future county residents.
Property taxation funds about $26 million of the total operating budget. Investment income, reserve transfers, service and user fees and provincial and federal grants make up the balance.
About $437,470 in property taxes will be collected to support the operation of Lacombe Foundation facilities.
“The 2015 operating budget reflects the current cost of doing business and will allow Lacombe County to maintain current service levels to our residents,” said county commissioner Terry Hager in a release. “From a long-term point of view, the modest increase in the mill rate will ensure that Lacombe County continues to maintain a solid financial position.”
Of the total capital budget, $710,000 is being carried forward to fund initiatives that weren’t completed in 2014. Other sources of funding include $6,928,310 in provincial and federal grants and $242,500 in equipment trade-ins.
Final budgets and tax rates will be approved in spring, once the Province has determined the education property tax levy.
Reeve Paula Law in a release said the 2.75 per cent tax increase was the result of staff having “worked diligently to keep the increase as minimal as possible in order to maintain service levels, but also to take into consideration long range planning.”