COCHRANE - Cochrane has approved its 2024 budget.
At a June 11 council meeting, council approved a 6.5 per cent tax levy increase. The net budget for Cochrane in 2024 is $9.04 million
Cochrane's CAO Monika Malherbe said the average assessment for a single family home in Cochrane is $167,000.
"Such a property will pay an extra $181 in property taxes in 2024 as compared to 2023," she told TimminsToday.
In terms of additional revenues the budget increase will generate for the town, Malherbe said it's approximately $530,000.
The 6.5 per cent increase is down from the 11 per cent increase, equivalent to $924,000, that was first pitched to council in April.
At the town’s budget meeting on May 29, council decided to use $200,000 of additional 2023 forecast surplus to offset the 2024 budget instead of transferring to reserves.
In 2022, the town’s tax levy increase was 5 per cent. Last year it was 4.5 per cent.
Some of the big ticket items are:
- $2.54 million for storm sewer reconstruction on 5th Avenue, offset with funding
- $914,000 for the resurfacing of high traffic and collector roads that don’t require full reconstruction or water and sewer work, partially offset with funding
- $538,000 for engineering and construction for bridge rehabilitation at Concession 6 & 7, offset with funding
- $305,000 for rural gravel lifts, offset with funding
