Facebook icon Twitter icon YouTube icon

Council adopts 2018 budget in principle

Posted on Thursday November 16, 2017

At Monday night’s budget meeting, Essex Town Council adopted the 2018 budget in principle.

The budget includes $12.9 million in infrastructure projects and upgrades. A combination of reserves, grants, and long-term debt will contribute to fund these projects, along with a two per cent increase in the general mill rate. The new mill rate will mean an annual increase of $28 for an average home valued at $183,000.

“This budget builds off of key decisions Council made in 2017 with the adoption of our five-year financial plan and asset management strategy. By thinking five years ahead, we’re better able to plan our spending and forecast budgetary needs,” says Jeffrey Morrison, Director, Finance and Business Services. “Council and administration have dedicated a lot of time over the past couple years to longer-term financial planning, and that hard work is paying off as can be seen through the annual budget.”

With the 2018 budget adopted in principle, Council will now consider the adoption of the five-year financial plan, which builds off the 2018 budget and plans for the years 2019 to 2022.

Formal adoption of the 2018 Budget will be at December 18, 2017 Regular Council Meeting and presentation of the five-year financial plan will occur at a later date. Copies of the 2018 budget will also be available at the upcoming Ward Open Houses, happening Monday, November 27 in Essex and Tuesday, November 28 in Harrow.