2024 Budget approved by Council
The 2024 Operating and Capital Budget was first put to council’s consideration at first reading on December 19th, 2023. Between then and the Special Council Meeting for 2nd & 3rd readings held on February 27, 2024, Council welcomed community input on the proposed budget through the Let’s Talk platform and the town hall held on January 23, 2024.
After Council’s deliberation and amendments in February, the approval of Lake Country’s 2024 Operating and Capital Budget, as part of the five year financial plan, will result in a 9.52 percent increase on the municipal portion of property taxes, which represents an approximate increase of $248 to the average-single family home currently assessed at $1,086,000 (up slightly from $1,085,000 in 2023). This works out to approximately $171 for a $750,000 home, and $228 for a $1,000,000 home for comparison.
“After working through the budget line by line, Council agreed that the increase was necessary to maintain current service levels in the District,” says Mayor Blair Ireland. “This budget allows us to sustain the essential services and daily operations our citizens rely on while implementing improvements the community has requested and deserves. We treat any increases very seriously as we are all taxpayers and care deeply about Lake Country’s future.”
Capital projects totaling $15.5 million were approved for 2024 including:
- Beaver Lake Intake Tower Replacement Construction (water infrastructure $3.8m)
- Pretty Road Improvements ($2.1m)
- Fire apparatus (2 Engine/water tender) ($1.8m)
- Bulk Metering Facility Construction (water infrastructure $1.2m)
- Mountain Bike Skills Park Construction ($500k)
“The increase is needed to support community safety, keeping up with the rising costs of delivering services, long-term infrastructure planning and asset management, and wage increases required to attract and retain skilled staff,” Trevor James, Chief Financial Officer.
Click here to view the 2024-2028 Financial Plan.
To download a PDF of this news release, click here.
For more information contact:
Trevor James, CPA, CA
Chief Financial Officer