First reading of the tax rate bylaw was approved by Town of Olds council during last week’s meeting.
Mayor Dan Daley notes they are looking at one of two options. One would keep the status quo at five-point-five per cent, while the other would decrease it slightly to five per cent. He says “which would be a balanced budget then and so that would cover everything proposed in the Capital and Operating Budget. The downturn to that is that we would have no extra money to put into reserves for that rainy day fund.”
More discussion on the tax rate bylaw and consideration of second and third reading will take place later this month at Olds council’s next meeting.
It is anticipated by Town officials that the provincial education property tax will increase by about $12.92 per month for the average household. Each year it is set by the provincial government and it is collected by the town, in addition to the municipal taxes.
