1738 Community Events Municipal tax increase of 5.67 per cent approved for 2023 Devon Town Council has approved the 2023 Operating & Capital Budgets and the Three-Year Fiscal Recovery and Service Stabilization Plan at their Dec. 12 Council Meeting with a 5.67 per cent municipal tax increase for 2023. For a household with a median assessed value of $322,000, the estimated impact of a 5.67 per cent tax increase is about $113.15 per year or $9.43 per month. Property assessments are based on the market value of a property as of July 1 of the previous year and as such, these are estimated impacts. Cost increases impacting 2023 property taxes RCMP contract policing cost increases over two fiscal years. This increase is federally regulated and out of the Town’s control. Rise in operating costs due to inflationary pressures (fuel, equipment repairs, utilities, insurance, etc…). Dale Fisher Arena Expansion Project The Dale Fisher Arena Expansion Project will have no impact on 2023 property taxes, as it will not be operational until 2024. In 2024, due to the efficiencies of a twin arena, net revenue will increase in the area of $25,000 to $40,000. Mitigating tax increases The Town is mitigating tax increases over the next three years in two ways: Reserve Funds The Town will use funds from the stabilization reserve to mitigate tax increases for the 2023 and 2024 fiscal years and will work towards having the reserve replenished by the 2025 fiscal year. Select Service Reductions Reducing crack sealing to main roads and trails for 2023 saving a total of $42,000. Reducing the Storm Sewer repair budget by $25,000 over the next three years. These reductions are viable as the goal was to maintain quality of life in Devon and provide taxation mitigation. By 2025, full-service levels for storm sewer repairs and crack sealing are planned to be restored. 2023 Capital Budget highlights Relocation of soccer pitches west of the Arena. Upgrading firefighter and CPO radios, linking emergency responders. Highway 19 realignment access. Continuation of River Valley Alliance east trail. Vehicle and equipment repairs and replacement. Solar pathway lighting (locations to be determined). Speed enforcement monitoring signage. “The inflationary pressures and cost increases we are facing this year are unprecedented,” says Mayor Craddock. “We are proud of the Three-Year Plan which is a viable way to revive the Town’s finances and mitigate tax increases for residents and businesses while still providing high-quality programs and services.” The final municipal tax rate will be approved in May 2023 and tax notices will be mailed out to Devon property owners on May 31 with payment due June 30, 2023. Learn more about the Three-Year Fiscal Recovery and Service Stabilization Plan at devon.ca/2023budget Share Print