At the final budget meeting last month, Cavan Monaghan Council approved a residential Tax Rate increase of three percent to fund the municipal operating and capital expenditures for 2023.
This is significantly lower than the original starting point where departments were seeking funding that would have resulted in an increase of 11.4 percent.
The Operating budget contains a consolidated department net increase of
9.1% which includes increased pressure on expenditures, maintaining efficiencies and
improving online access/delivery of services as set by Council, policy, by-law, and
provincial legislation requirements. The 2023 Capital Budget contains an estimated $8,925,658 total Capital Expenditures including the 2022 capital roll overs. This budget also transfers more than $2.4 million into asset replacement reserves, representing more than 93% of the annual depreciation for the township assets. These reserves are used to finance the replacement of capital assets as they become obsolete over time.
The 2023 MPAC estimated roll total has increased by approximately 2% as result of the
new development and growth within the township in 2022, which is expected to
generate $209,650 in additional municipal tax revenues for 2023, which mitigated the burden on current ratepayers.
This tax levy increase is in line with recent rate hikes which have ranged from a low of one percent in 2021 to a high of 3.2 percent in 2020. KG