Shelburne Council was presented with its first draft of the 2023 Budget.
Carey Holmes, Director, Financial Services & Treasurer at Town of Shelburne, presented the draft budget which included a proposed 1 per cent increase in the Tax Rate.
Holmes says this increase would allow for an overall tax levy increase of 5.3 per cent in tax dollars or $460,751.
It also includes a suggestion to use $200,000 from the Tax Stabilization Reserve to keep tax rate increase to just 1 per cent.
Meanwhile, it was also suggested the Town use $400,000 from the 2022 surplus to spend on Equipment Reserve for capital equipment needs for 2023 and 2024.
Any savings made through the budget process will be used to rebuild reserves.
Mayor Wade Mills says next Monday, council will get together to go through the budget with a fine tooth comb.
On February 13th there will be a Public Presentation of Draft 2023 Budget followed by Approval of Budget by Resolution of Council on February 23rd.
If all goes according to plan, council will adopt the 2023 Budget with the passing of a By-Law on March 13th.
As with all budgets, this year includes a number of Capital Projects.
$3,869,796 will be used towards Infrastructure & Road Projects, Workshop Expansion & Capital Equipment Purchases.
$814,650 will be spent on Parks and Recreation Splash Pad, Improved Amenities, Playground Equipment and Capital Equipment Purchases.
And finally, $654,643 will be used for Gateway Signs, Economic Development Initiatives, Grace Tipling Hall Revitalization & Administrative Equipment.
In total, the 2023 Draft Budget includes $5,339,089 for these Capital Projects.
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