At a recent council meeting, the operational budget for 2024-25 fiscal year was a topic of discussion at the table. The budget was passed unanimously by council, featuring no increase to tax rates.
Yarmouth Town Council Approves 2024-25 Operational Budget, No Increase to Tax Rates
Friday, May 31st, 2024 - Yarmouth, N.S. – At a recent council meeting, the operational budget for 2024-25 fiscal year was a topic of discussion at the table. This year’s budget forecasts revenues in the amount of $20,374,259 and expenses of $20,359,259 for a surplus of $15,000 for its general operations for the year ended March 31st, 2025. The budget was passed unanimously by council.
Much like last year, staff was faced with the challenge of putting together a budget while continuing to deal with increased operating costs resulting from inflation. Costs remain high in many areas including heating oil and fuel, insurance, and policing. But despite continued increases in costs for every department, staff was able to again table a budget that offers a high level of services for residents, with no increases to current tax rates. Last year’s budget saw the town become debt-free, and this year’s budget features no new debt or debt payments.
“It was tremendously important to Council that the tax rate not be increased given the current economic state we all find ourselves in. Every little bit counts.” said Mayor Pam Mood. “That staff was able to accomplish this with the huge rises in costs to the town is a testament to their commitment to excellence and an understanding of how difficult times are. As the economic centre that provides services to the entire region, the task is even more important. Here’s to continuing to accomplish great things for our community!”
2024-25 Operational Budget Highlights & Rates
• The budget has $20,374,259 and expenses of $20,359,259 for a surplus of $15,000.
• As per the last 15 years, the town has a set aside funds in reserves for depreciation in this budget, this year in the amount of $2, 217,500, an increase of $250,000 over last fiscal year.
• The budget provides over 3 million in new capital work, plus funding for Mariners Centre expansion, without adding any debt.
• Tax rates - Residential $1.69 and Commercial $4.31 - no increase over the prior year.
• An increase in the low-income tax rebate, offering greater assistance for applicable homeowners.
• Garbage rate is $205 per residential unit – no increase over the prior year. The town collects residential waste for buildings with up to 4 units.
• Sewer rates are unchanged for the sixth consecutive year.
• Interest on overdue tax accounts remains at 14%.
• Tax revenues increased due to assessments. Residential is up 6.9%, however the majority of properties – 82% - are capped at Consumer Price Index (CPI). Commercial is up 6.1%.
• RCMP contract cost budgeted to increase by $300,000 (11%) to $2,959,000. This includes paying the remaining portion of a retro pay invoice received last year.
• Continued support for downtown businesses: tax phase-in rebates budgeted at nearly $50,000 and Facade Program funding of $30,000.
• Green energy revenues budgeted at $117,165
More details on the budget can be found at: https://www.townofyarmouth.ca/departments/finance/annual-budget.html