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Council Adopts 2018 Budget

Posted on Thursday December 21, 2017

At their Regular Meeting on Monday, December 18, Town Council officially adopted the 2018 budget.

The budget features $12.9 million in capital spending, including a range of infrastructure upgrades and public facilities. 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.

The passage of the budget happened nearly three months earlier compared to previous years, thanks in part to the ongoing long-term financial planning conducted by Council and administration.

“We’re now thinking well into the future, which gives us a head start when we begin the annual budgeting process,” said Jeffrey Morrison, Director, Finance and Business Services. “This year’s budget demonstrates the long-term sustainability of our operating expenses and continued investment in public infrastructure.”

With the 2018 budget adopted, 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. The forecast will be brought to Council at a Special Meeting on January 22, 2018.

To view the 2018 operating and capital budgets as well as the five-year forecasts, visit www.essex.ca/budget.