Town council got their first glimpse at the proposed budget at last night’s meeting and Cochranites can expect property tax increases beginning next year.
The draft 2020-2022 budget includes a proposed expenditure of $42.2 million in capital projects for next year. These projects include the transit hub, Cochrane Innovation Outpost, Railway Street West infrastructure upgrades, Centre Avenue widening design, new Protective Services building, and Horse Creek Sports Park servicing.
Administration is projecting property tax increases of 2.95 per cent in 2020, 2.7 per cent in 2021 and 2.5 in 2022. The estimated impact on the average home (assessed at $479,900) is an increase of $5.50 per month in 2020.
At the meeting council said because of Cochrane’s slowdown in growth, there has been less anticipated revenue in taxation.
Administration says the budget delivers on community feedback, council’s strategic priorities and invests in infrastructure required for the growing community.
“Administration made some tough decisions in preparing this budget, including delaying or scaling back some projects and staffing requests,” said Chief Administrative Officer Dave Devana.
“This budget focuses on strategic investments in our community aimed at improving multi-model transportation solutions and investing in new facilities, such as the transit hub, Cochrane Innovation Outpost and a new protection services building which aims to serve our growing community.”
The community is invited to provide feedback to the budget until November 13. The budget is available online at cochrane.ca/Budget. There will be two public engagement sessions being held at Spray Lake Sawmills Family Sports Centre at 12-4 p.m. on November 2 and 4-8 p.m. on Tuesday, November 5.
