Springwater Township / January 20, 2016 – In a unanimous vote, Springwater Council approved the 2016 Budget with a fiscally responsible 1.08% tax increase over 2015 rates.
When combined with the County of Simcoe approved budget and the education rate, which is assumed to remain neutral, the blended tax increase is estimated at 1.16%
For an average property in Springwater assessed at $381,000 the approved rate amounts to an annual increase of $37.13 over 2015 rates, or $3.09 per month.
For every tax dollar spent:
$0.40 is retained by the Township
$0.36 goes to the County of Simcoe, and;
$0.24 goes towards education.
The 2016 Budget includes gross expenditures of $27.5 million, of which $7.3 million is directed towards Capital Projects. Roads & Related Infrastructure Projects make up the largest portion of the Capital Budget with an allocation of $2.5 million, followed by Wastewater Infrastructure Projects at $1.5 million and Fleet & Equipment at $1.2 million.
The 2016 Operating Budget includes expenditures of $16.4 million and is broken down into the following categories:
New this year was the introduction of an additional 1% tax increase in the Operating Budget to support capital infrastructure. These funds would be dedicated towards the future replacement of the Township’s roads, bridges, fleet, facilities and parks.
This year, for the first time ever, all budget meetings were streamed live online at www.springwater.ca/live. Additionally, residents were invited to submit their questions and comments to Council or complete the online interactive budget tool. Council met on five separate occasions to deliberate the budget before approving it on January 20, 2016.
“Council is pleased with the approved 2016 Budget,” says Mayor Bill French. “Staff followed Council’s direction and found real solutions to control spending. By working together we were able to ensure service levels are maintained and infrastructure needs are met while planning for the future.”