Lakeshore bucks higher tax trend in new budget
Lakeshore council is tapping into reserves to approve the municipality's 2024 budget, which is set to feature the lowest tax rate increase in the region.
Council approved a tax increase of 2.97 per cent on Thursday. On average, the approved tax rate increase will add $54 per year to the municipal portion of property tax bills. County of Essex and school board levies will add $122 per year.
"This budget takes a balanced approach that makes critical investments to meet Lakeshore's needs while limiting its impact on residents and taxpayers," Mayor Tracey Bailey said in a media release on Thursday.
The budget will return to the council for final approval at an upcoming meeting.
Six of the other municipalities in Essex County have already passed tax increases for 2024, ranging from 8.2 per cent in the Kingsville to 3.8 per cent in Leamington.
A diagram showing the tax increases for 2024 in each of the seven municipalities under the County of Essex. (CBC News)
Throughout the deliberations, council reduced the originally proposed increase of 6.34 per cent. They approved a one-time transfer of $700,000 from the tax stabilization reserve to mitigate the impact of inflationary pressures.
"The constructive conversation around the table ensured that it reflects the needs of Lakeshore and its communities," said chief financial officer Justin Roussea in the same statement.
The budget includes $9.5 million for road projects, $1.9 million in wastewater projects, $6.6 million in water projects and $565,000 in stormwater projects, along with $620,000 for trail maintenance and tree planting.
