Collingwood budget passed with under 3 per cent tax increase

Councillors in Collingwood have officially approved the budget for 2023.

At Monday night's meeting, council gave the green light to the budget, which comes with a 2.7 per cent increase in property taxes. The town says that equates to approximately $5.30 for the average household in Collingwood.

"Many people are struggling in our community as the price of almost everything continues to rise," Mayor Yvonne Hamlin said in a news release. "With inflation over 6%, we worked hard to keep the property tax rate increase affordable, while still ensuring that our Town is a wonderful place to live, work and play."

According to the town, the key priorities of the budget include $225,000 in top-up funds to the Affordable Housing Reserve Fund and continuing to maintain the same level of programs and services.

Altogether the budget includes $ 66.7 million in operating expenses and $ 63.3 million in capital expenses.

The town will also be investing in various community spaces, including local arenas, as well as a $500,000 investment in the ongoing revitalization of the grain terminals.

"Council and Staff also want to ensure we plan for our community's future in a fiscally responsible way," Monica Quinlan, a treasurer, said in a news release. "This includes planning for the future and caring for our assets in a manner that is responsible and cost-effective."