Collingwood council approves 2024 budget with slight tax increase

Collingwood, Ont. (CTV News/Mike Arsalides)

Collingwood councillors have wrapped up their first meeting of 2024 by approving the town's budget for the coming year.

On Monday night, council approved the $71.3-million operating and $71.1-million capital budgets, outlining the town's key priorities. To make it possible, there will be a slight rise in taxes for residents of the Simcoe County community.

The median assessed Collingwood household will see a 1.67 per cent increase. That equates to $40.71, but it rises to $75.66 once costs for the county and school board budgets are also factored in.

"I know how difficult times are for some residents, with the rising costs of inflation, housing and general costs of living," Mayor Yvonne Hamlin said in a news release. "With that top-of-mind, council felt that keeping the tax rate as low as possible for 2024 while maintaining service levels and investment in our assets was in the best interest of our residents."

The budget will see an investment in numerous community spaces throughout the town, including $ 4.6 million for the Ste. Marie St. Public Realm Space. Council has also prioritized funding for the Eddie Bush Arena, three new parks, and replacing the Hens and Chickens Trail Bridge.

There will be improvements to various road infrastructure throughout Collingwood, with $ 2 million earmarked for asphalt resurfacing projects of nearly 7 kilometres of road and $ 1.5 million targeted for the Second Street Bridge rehabilitation.

As part of the 2024 budget, there will also be continued investments in the Affordable Housing Master Plan and the Terminals Point Project.