King Township taxpayers could face large tax hikes down the road

YorkRegion.com
Sept. 21, 2016
Tim Kelly

King Township’s taxpayers will be left holding the bag for a big chunk of the capital program over the next decade if reserves aren’t beefed up.

That was the takeaway from a presentation by  town treasurer Allan Evelyn last week to King Township council.

“We have a 10-year capital plan estimated at just under $200 million with more than half related to roads, second is water and wastewater, third is parks and recreation. Half of that will come from reserve funds.

“But when we think $80 million of the capital plan will have to come on the backs of taxpayers, we have to think about that, we have to have a clear understanding of how do we go about that.”

Still, citizens would love to get the rate of return on their money the township has received on its reserve funds over the past three years.

Imagine doubling your money in just three years? That’s what the township has done with its reserve fund, taking it from $9.2 million to just over $18 million at the end of the current fiscal year.

Such money is accumulated from tax surpluses and other extra funds the township accumulates annually and will be used to fund necessary township expenditures, literally, down the road.