Sylvan Lake residents will see an increase of nearly three per cent on their 2019 property taxes.
During the Jan. 14 Town Council meeting, Council adopted the 2019 Budget and the Three Year Financial plan, the budget included a 2.74 per cent increase on municipal taxes for both residential and non-residential properties.
According to the Town, the average property can expect to see an increase of approximately $60 in 2019.
This increase from the Town does not include any potential increases to the school taxes, which are set by the Province every year.
A tax rate bylaw is expected to come before Council in April of this year for approval once final assessment numbers are known and the Town receives provincial school requisitions.
“Combined tax and assessment notices will be sent out at the end of May with property taxes due on July 31, 2019,” a report to Council states.
The report to Council continued to state market values could affect the final tax rate if they stay the same or with minimal change from last year.
Any adjustments to the tax rates will be dealt with in April with the tax rate bylaw, the report says.
Sylvan Lake Town Council adopted an operating budget of $36,520,421 at the Jan. 14 meeting. This budget encompasses expanded online services, improved pedestrian safety and ongoing park and trail enhancements.
The operating budget also includes further economic development initiatives such as a tourism impact assessment as well as ongoing investment attraction initiatives.
Mayor Sean McIntyre says there are a number of priorities for Council which are put into practise with the 2019 Budget. These include core infrastructure, sustainability and enhanced municipal service delivery.
“In 2018, we focused on planning for the future, and collaborating with Sylvan Lakers and our neighbours to create strategies for success. Now in 2019, it’s time to implement these strategies through continued policy framework and fiscally responsible stewardship,” McIntyre said in a press release.
Council also passed the 2019 Capital Budget of $17,731,000 at the Jan. 14 meeting.
The Capital Budget will cover the cost for major projects the Town is undertaking in 2019.
The new water reservoir and pump house is a major ongoing project for Sylvan Lake that Town Council has identified as a priority. A new water well and connection is also planned for 2019.
A total of $1.6 million has been dedicated to water supply and distribution in the 2019 Capital Budget.
Major road upgrades are also planned, with a total of $4.28 million being dedicated to road and transportation.
Sylvan Lake will also be investing $2.46 million into parks, playground and trails. This includes plans for the new sports and recreation park Pogadl Park.
The Town has also earmarked $3.2 million to be used for sanitary, sewer and solid waste projects.
Follow Megan Roth on Twitter