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Final budget deferred until March 22nd |
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Once again, Saugeen Shores is faced with trying to maintain services and, yet, keep the municipal tax rate at a manageable level for another year. When first presented, the preliminary operating and capital budget submissions presented to Council would have had to incur a tax rate increase of nine per cent(9%) to meet the tax levy increase of more than $740,000, but with some shuffling of funds, the increase has been reduced to less than three per cent (3%) and presently sits at 2.8 per cent. It was suggested that monies be moved from the Tax Stabilization Fund (TSF) to lower the tax increase. Councilor Luke Charbonneau recommended that $70,000 be moved with some of it ($20,000) going toward Southampton's new street lighting and the remainder ($50,000) going into the budget. At the end of 2009, there was approximately a $200,000 town surplus and, of that, $160,000 was transferred into the TSF. "I wouldn't like to see our entire surplus used to supplement a tax increase," says Town Treasurer, Lori Sweiger. A recent announcement by the Federal Government providing a $5. 3 million low-interest loan to cover the debt costs for the Concession 10 Pump Station and the Waterwater Treatment Plant Inlet Works Building was part of the 'factoring in' and an anticipated annual $442,000 will be needed to service the debt in 2010. This year's budget is impacted by the proposed north sewer expansion with the majority of the more than $19million in capital improvements expected to be spent in the caption area north of the Saugeen River.
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According to Sweiger, other capital projects would not likely be undertaken in 2010 if the sewer expansion moves forward due to constraints in time and resources. Should the project not go through, there are then several capital projects where the tax levy money of approximately $1 million could be implemented. As it stands presently however, the money has been committed to the sewer project. The town's reserve balance will be reduced this year to just under $5.3 million and Sweiger recommends that no additional debt be incurred by the town until a long-term analysis is completed this year (2010). If the sewer expansion goes forward, the town's debt load could increase to more than $15 million with $4.7 million going toward financing the user-fee portion of the project. The budget was expected to be brought forward at the March 8th Council meeting but has been deferred until March 22nd. "We have a couple of things that may influence the final budget," says Sweiger, "and we will have to see if they have any bearing on the final numbers."
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