Meridian Source - November 28, 2019

Page 1

Thursday, November 28, 2019

VOLUME 2 I ISSUE 22

MERIDIANSOURCE.CA

SEE PAGES 17-24 FOR our special black friday pullout section

Eye on the prize

Council approves 2020 Capital and Operating Budget Proposed 2.5 per cent tax hike TAYLOR WEAVER

EDITOR

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Taylor Weaver Meridian Source

Holy Rosary High School’s Jiro Importa keeps his eye on the prize as he makes his way to the top of the rope to ring the bell during the school’s Ninja Warrior competition on Tuesday afternoon.

With ano the r ne w y e ar o n th e h o r i z o n comes a fresh budget. City council approved the 2020 Operating Budget with a total operating revenue of $47,614,792; an operating expendit u re of $84,813,361 resulting in taxation levy requirement of $37,207,940, excluding amortization, and the balanced 2020 Capital Budget of $31,009,025 during Monday’s meeting. Council also directed administration to bring the 2020 Operating and the 2020 Capital Budget forward for review upon receipt of the final mill rate calculation, eligible grants and education requisitions from the provinces. Operational highlights included, - a proposed 2.5 per cent increase to the municipal tax levy, - assessment

and taxation costs re d u c e d , a s 20 20 i s first full year of inhouse assessment. - $1.2 million increase to reserves contribution for taxes to be less reliant on utility revenues. - includes the new collective agreement for Fire Department and the current structure. - transportation continuing with the enhanced road maintenance implemented in 2019. - RCMP contract 2.4 per cent increase. - with consideration to economic realities, administration worked diligently to keep costs at a minimum without reducing service levels. - not included at this time is the unfunded amortization of $23 million for ease of identifying the balanced budget. “It’s a lot for one year,” said Coun. Jonathan Torresan. CONTINUED ON PAGE 3


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