Strathmore residents and businesses will need to tighten their purse strings a bit as there are projected tax and fee increases outlined in the budget.

This week Mel Tiede, the Director of Corporate Services, gave a highlight of the Capital and Operating budgets for the town and 2022 Long Term Financial Plan.


How does this affect people in Strathmore?

Residents will see a property tax revenue increase of 3.9 per cent for residential taxes and a 5.9 per cent increase for non-residential taxes.

According to the town, this will increase residential property taxes by $10.42 monthly (or $125 annually) for a property assessed at $350,000. For a non-residential property assessed at $350,000 the monthly increase in taxes will be $20.06 (or $240.72 annually). There was no increase in property taxes in 2021.

Mayor Pat Fule said that in the hardest year, 2021, "We had a 0 per cent tax increase, but whenever you do that, you're forced into a catch up situation, so that's where we're at now. We've got to try to keep up with the cost of living.”

Deputy Mayor Jason Montgomery said, “As far as the non-residential rates go, I think it's important that we keep in mind that how we affect those rates can affect Strathmore's ability to attract industry.”

“I think we just need to be careful and also my understanding from the businesses in town, is it's important to them that they have some predictability and that's why I think that maybe we should be discussing, not necessarily right now, but in the near future we should be discussing perhaps just some consistent rate increases just so that businesses are able to budget around that,” he said.

The meeting revealed that over the last five years the town has used between $2 million and $3 million from reserves so that tax rates can remain where they are.

Utilities will also increase by 2 per cent or $3.16 monthly effective January 1. There will also be an adjustment to the business license fee.

The town has a projected revenue increase from $30.8 million to $32.5 million, but there will also be an increase to the town’s expenses from $34.7 million to $36.4 million.

Also of note is the anticipated revenue to the town should they close on an offer on the purchase of the old town hall site which includes about 2 acres of land. The sale is valued at about $1.3 million.