Town Council got their first look at the proposed budget at their October 26 Council meeting.
The proposed 2021-2023 budget includes a significant emphasis on addressing transportation-related issues, creating a proactive infrastructure renewal plan, delivering core services and managing slowed growth and the economy with a 1.27% property tax increase.
Interim CAO Drew Hyndman says this was a challenging budget to develop. “We developed this budget with a number of factors in mind: our slowed growth, the changed economy and the impacts of COVID-19,” he says. “But we also ensured it aligns with and supports Council's strategic priorities, policies and directions; outlines a robust and sustainable infrastructure renewal plan and delivers the Town’s core services.”
The draft budget includes a proposed expenditure of $49.4 million in capital projects for 2021, including:
To deliver this, Town administration is projecting property tax increases of 1.27% in 2021, 4.29% in 2022 and 5.71% in 2023.
The estimated impact in 2021 on the average home, assessed at $470,100 is an increase of $2.42 per month. Including utility costs, the estimated total monthly increase for the average home in 2021 is $5.42.
Town administration presented the draft budget October 26. The community is invited to give feedback until November 12 online at LetsTalkCochrane.ca/Budget.
All feedback is provided to Council before their deliberations, scheduled for November 16, 17 and 18 (if required). Budget deliberations are available via live stream from cochrane.ca/Council.