Councillors in the town of Newmarket have approved a budget for 2019.
According to a news release issued by the town on Monday, council approved a $130.8 million dollar operating budget and a $27.7 million capital budget for 2019.
Councillors also approved a 2.2 per cent tax increase, combined with a 0.75 per cent increase for asset replacement, for a total town portion tax hike of 2.95 per cent.
Town officials say that based on an average property assessment value of approximately $607,000, residents will see a $58 increase on the town portion of their tax bill, a water and wastewater rate increase of 5.10 per cent or $58 and a stormwater rate increase of 11.8 per cent, or $4.
“Council and staff worked hard to ensure this budget strikes the right balance between investing in our future, while keeping the tax level below the GTA average,” Newmarket mayor John Taylor said in the release.
“Financial sustainability is one of Council’s top Strategic Priorities, and we will continue to review operations for efficiencies, while ensuring Newmarket is poised for success in the short and long term.”
Highlights of the 2019 budget include $2.4 million for trails and active transportation, $1 million for the replacement of bridges and culverts and $4.8 million for the completion of Central York Fire Service station 4-5.
The town has also allotted $6.6 million for road rehabilitation, $1.6 million for road resurfacing and $1.7 million for fleet replacement.
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According to the release, $150,000 will be put into reserves for future use for Mulock Farm.
The town has also allotted $440,000 to the tax supported Asset Replacement Fund (ARF). The ARF was created in 1998 to ensure the appropriate funding is available to replace and repair the towns capital assets.