SASKATOON – City administration is putting forward options that could result in a lower 2015 property tax increase for Saskatoon homeowners. City officials say the revised property tax increase could now be 5.49 per cent instead of the original proposal of 7.32 per cent.
The drop, officials say, comes from public feedback along with discussion among staff, with a potential reduction of $3.18 million to the proposed 2015 city budget.
Read more: Saskatoon proposes 7.32 per cent 2015 property tax increase
“This is part of the regular budgeting process,” explained City Manager Murray Totland.
Totland said they found $200,000 in realized savings from assessment growth figures. That alone, say officials, reduces the proposed increase by 0.11 percentage points.
“On top of the assessment figures, we have identified a number of other funding opportunities that amount to a further $2.98 million reduction, or an additional mill rate reduction of 1.72%,” added Chief Financial Officer Kerry Tarasoff.
That would include stretching the two years remaining on the 2.92 per cent road levy over three or more years, resulting in a 1.94 per cent road levy. The difference needed to fund road investments would then come from one-time capital funding from sources such as land development profits.
Read more: Saskatoon road spending up sharply this year to more than $50 million
There would also be deferral of some civic facility and organizational funding items that would also help lower the proposed increase. Another proposal includes moving to bi-weekly garbage collection for any or all the months between April and October, a savings of $70,000 monthly.
City council will debate the proposed budget including the adjustments on Dec. 2-3.
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