In a session held on May 14, 2024, the Stettler Town council deliberated on the town's financial trajectory for the year ahead, culminating in the approval of the 2024 Operating Budget.
With a focus on enhancing revenue streams, the administration sanctioned a 3 per cent tax increase across pre-existing residential and non-residential properties.
This move is expected to yield a boost in municipal income, with an additional $189,291 projected from pre-existing 2023 taxpayers and a further $183,421 from new residential construction growth.
Under the scope of the approved budget, significant adjustments were made across residential and non-residential property requisitions for school purposes.
For the residential property class, a $20,999 increase was approved, offset by a -$30,930 decrease from existing 2023 properties, signalling a -2.16 per cent decline. The balance of $51,929 is anticipated to be sourced from new residential construction growth and inflation.
Similarly, the non-residential property class will witness a $9,532 surge in requisition for school purposes, tempered by a -$24,216 decrease from 2023 properties, reflecting a -2.71 per cent downturn. An additional $33,748 is earmarked from new non-residential construction growth and inflation.
Of note, the council ratified a marginal 0.35 per cent reduction in Seniors Housing funding, attributing it to stagnant population growth within the community for the past year.
Complementing these adjustments, the town council endorsed incremental increases in utility rates.
A $0.1477 per cubic meter hike in water rates, alongside a $0.25 increment in sewer rates, a $0.50 escalation in garbage rates, and a $0.25 uptick in recycling rates were all approved.
“I’d like to commend the council for their hard work organizing the data so we can come up with this,” said Mayor Sean Nolls.
Town officials emphasized that the approval of the capital budget seamlessly aligns with the adoption of the 2024 interim operating budget on December 19, 2023, and the capital budget process ratified on Feb. 6, 2024.
Administration noted its aim for the measures unveiled is to underscore a proactive approach towards fortifying revenue streams and ensuring fiscal sustainability to ensure continued growth and development within the municipality.
