Richmond Hill Budget Meeting

2.95 tax hike approved in wee hours of morning

At 12:15 this morning, council approved the town’s operating and capital budget.
A busy agenda of property applications and dog park discussion, pushed budget talks past midnight. After final approval, residents will see a tax rate increase of 2.95 per cent to help pay for a $127.9-million operating budget.
When combined with the Region of York’s 1.94 per cent increase, residents of Richmond Hill will see an increase of 1.72 per cent in their overall tax bill.

The town’s 2011 capital budget was set at $38.5 million.
The budget did not pass unanimously, as Councillors Nick Papa and Godwin Chan voted against the 2.95 per cent increase and wanted an additional $758,600 taken from the town’s tax rate stabilization reserve, to trim the increase down to 1.95 per cent.

A total draw of $1.185 million from the stabilization reserve was approved to reach the 2.95 per cent hike, rather than 3.82, which would have been the tax increase if no reserve money was used.
Reserve funds are expected to be replaced by surplus funds, of which the town had $1.4 million last year.
The 2.9 per cent increase will have an annual impact of $32.14 for a median assessed residential property valued at $430,000.

The budget includes $1.2 million in improved services, which alone contributes a 1.59 per cent increase to the tax rate.
These service changes include the town fully operating and maintaining five arenas and seven ice pads, four new fire fighters for the new Yonge-Gamble fire hall and new programs and services to be offered at the new Oak Ridges Community Centre later this year.

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