Newmarket budget hike still pegged at 3.5%


Yorkregion.com
March 26, 2015
By Chris Simon

Newmarket appears to be standing relatively still on a proposed 3.5-per-cent tax increase.

Staff projected the bump during budget deliberations at town hall Monday afternoon.

That figure was also suggested during talks about a month ago.

The increase, which is scheduled for approval April 20, will translate into a $55.75 hike in the town’s portion of the residential property tax bill for the average home assessed at about $403,100.

The draft budget will face several pressures in 2015. Utility costs are expected to increase by about five per cent, while the Consumer Price Index estimates inflation will climb by nearly 2.5 per cent.

Increases in wages, benefits and insurance premiums, the reopening of Old Town Hall, Emerald Ash Borer treatment and growth-related costs all contribute too, town treasurer Mike Mayes said.

Newmarket’s draft capital budget is also pegged for approval next month. The proposed $26.97 million document includes a $6.7 million water meter replacement program, $5.65 million in road improvements, $1.17 million in Yonge Street upgrades, a $1 million artificial turf sports field at Dr. J.M. Denison Secondary School and a $900,000 Central York Fire Services pumper truck.

Operating budgets typically pay for the ongoing expenses incurred by the municipality, like wages, fuel, hydro and maintenance costs.

Capital budgets usually cover large infrastructure projects - a new recreation facility or road reconstruction, for example - vehicle purchases and other one-time expenses.

Residents can provide feedback on the budget during the March 30 council meeting, which takes place at town hall (395 Mulock Dr.) at 7 p.m.