At last Thursday’s regular council meeting, the operational budget for the 2023-24 fiscal year was tabled for council approval. Budget highlights include no increase to tax rates, and the town becoming debt-free next month.
Thursday, June 22, 2023 - Yarmouth, N.S.
At last Thursday’s regular council meeting, the operational budget for the 2023-24 fiscal year was tabled for council approval. The proposed budget schedules revenues in the amount of $20,014,784 and expenses of $19,999,784, for a surplus of $15,000 for the town’s general operations for the year ending March 31st, 2024. The budget was passed unanimously by council.
A key challenge for staff in developing this year’s budget was dealing with increased operating costs due to rising inflation. Costs increased significantly in many areas including heating oil and fuel, insurance, and policing. But despite increases across the board for every department, staff worked hard to put forward a budget that still delivers a high level of service with no increases to current tax rates.
Also coming out of this year’s budget is the meeting of a key milestone. Since 2005, the town has been committed to a process of paying down its debt, refraining from borrowing for capital projects, and funding those projects using a portion of its operational budget. As a result of this multi-year commitment, the Town of Yarmouth will become free of debt in July of 2023.
"That a small town whose services are meant for an entire region will be debt-free next month is truly something to celebrate,” said Mayor Pam Mood. “It's due to sound decisions, a vision and plan for our future and the very best staff ensuring things are financially on track. It's exciting and allows us to dream even bigger for the future!"
2023-24 Operational Budget Highlights & Rates
• Full Payment of Debt. The Town of Yarmouth becomes debt-free next month. The town has steadily decreased its debt and borrowing for infrastructure projects since 2005. Each year, a portion of the operating budget ($1.95 million in this year’s budget) is allocated to fund capital infrastructure projects and pay the debt. Using this portion of the operating budget, combined with federal gas tax dollars and other grants, the town has invested over $67.9 Million in its infrastructure over the past 15 years alone, while reducing its debt from $4.8 million, to become debt-free July 7th, 2023.
- The budget has $20,014,784 in revenues and expenses of $19,999,784 leaving a surplus of $15,000.
- Tax rates - Residential $1.69 and Commercial $4.31 {same as the prior year).
- The garbage rate is $205 per residential unit – the town collects residential waste for buildings with up to 4 units.
- Sewer rates are unchanged for a fifth consecutive year.
- Interest on overdue tax accounts is 14%.
- Tax assessments - Residential up 11.7% (majority are capped at Consumer Price Index (CPI)) and Commercial up 10.3%
- The RCMP contract cost is budgeted to increase from $119,000 to $2,659,000. This includes paying a portion of a $516,706 retro pay invoice received earlier this year.
- Continued support for downtown businesses: tax phase-in rebates budgeted at $30,000 and Facade Program funding of $30,000.
- Green energy revenues budgeted at $117,165
- Larger expense budget increases:
- Insurance budget up 45% = $117, 704
- Heating oil up 92% = $168, 858
- Fuel costs up 53% = $59,800
- Chemical costs up 42% = $54,900