Turner Valley residents will likely not see an increase in property taxes this year, said Mayor Kelly Tuck at Monday’s town council meeting.
Tuck said council’s main objective with the 2011 budget was to get as close as possible to not having a tax increase.
“And we did,” Tuck said. “In April, our assessments come in and we’re still hoping it will be a zero per cent budget, zero increase.”
Council approved the 2011 net operating and capital budget at $2.3 million, a zero per cent increase from last year’s budget, Tuck said.
The total projected expenses are $4.5 million while the projected revenues are $2.3 million for 2011. The Town expects the remainder of the $2.3 million in expenditures to be covered by this year’s property taxes.
In order to achieve a zero per cent increase, Tuck said the Town had to dip into its capital reserves for about $200,000.
Once property assessments are made in a few months, council is hopeful Turner Valley residents will not be seeing an increase in their municipal taxes in 2011, Tuck said.
In 2010, residents saw an increase of about $80 on average on their municipal tax bill. While that number won’t decrease in 2011, Tuck said it would likely stay the same.
Leana Ashbacher, Turner Valley’s finance manager, agreed municipal tax dollars should remain the same for residents compared to last year.
“Once the Town receives the assessed values from our assessor in late February, the resident will be informed on what their property was assessed at,” she said.
Property taxes will be sent out once the Town receives their requisitions from the school boards in May 2011.
During the council meeting, interim chief administrative officer Ray Reid said the 2011 budget “addresses the program and service needs of the community in a responsible and sustainable fashion.”
Council approved both the operating and capital budget during the Dec. 20 council meeting.
The operating budget is the expected expenditures required to deliver day-to-day Town services, such as police, emergency medical services, and revenues received, like building permits.
The capital budget is made up of the anticipated expenditures for the development and maintenance of infrastructure like roads, parks, trails, playgrounds and buildings.
Tuck said council has been working hard over the past few weeks to get the budget finalized on time.
As a newly formed council, she said it was important they break down the budget and examine it line by line.
“I think it’s important with a new council that we be able to understand the process itself, to understand how the budget works and how it affects our community when we make a decision,” Tuck said.
