Town Council here juggled a few figures, but the bottom line remains the same. The tax rate for the town of O’Leary is unchanged in the 15-month budget document council approved Thursday night.
The commercial tax rate stays at $1.10 per $100 assessed property value and owners of non-commercial property will continue to pay 79 cents per $100 assessment.
The math for that is intended to bring in $321,083.04 in tax revenue in 2018, or $401,340 over the course of the one-time-only 15-month budgetary period.
All municipalities are bringing down 15-month budgets this year to fall in line with the province’s fiscal year and in keeping with requirements of the new Municipal Government Act which was proclaimed in December.
Council finance committee chairman Carol Ferguson is away on vacation but checked in by phone during the monthly council meeting to deliver the budget.
Total expenditures for the 15-month period are projected at $1,130,182. After factoring in last year’s surplus of $98,033 and accounting for projected revenues of $631,235, council is left needing to come up with $400,924 from municipal taxation, which Ferguson acknowledged can be accomplished without changing the tax rate.
The assessed commercial valuation in O’Leary is $8,331,500 and the non-commercial valuation stands at $29,042,657.