Sidney residents will see a 6.04 per cent tax increase this year.
The finalized financial plan represents a tax increase of about $102 for the average household and includes an operating budget of $28.9 million and a capital budget of $12.2 million for 2024.
The tax increase was reduced from an original proposal of 8.42 per cent by deferring an annual contribution a reserve fund, declining two requests for enhanced services and using reserve funding for three new projects.
Reducing this year’s tax increase means a higher starting point for next year’s increase, Andrew Hicik, director of finance, told council.
Mayor Cliff McNeil-Smith said in a statement inflation has increased the cost of delivering services over the past two years. Council limited the tax impact as much as possible while meeting ongoing needs, he said.
“Council had a difficult task this year in trying to balance the maintenance of valuable community services with the need to keep costs down for residents and businesses facing ongoing cost pressures,” McNeil-Smith said.
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