Lloydminster city council has passed a 2023 operating budget of $107.9 million and a capital budget of $63.9 million.
There is a municipal tax levy increase of 4.8 per cent, a taxation user fee increase of 4.5 per cent, assuming a two per cent growth in assessment, plus a utility user fee increase of five per cent.
Administration estimates the municipal tax rise will add on $6/month to a $350,000 residential property, assuming there is no change in the property’s assessed market value or provincial education taxes.
The 2023 residential and non-residential property taxes will be set in the first half of 2023 after administration reviews the final assessment roll and evaluates the final 2023 budget requirements before finalizing the tax rates in May 2023.
The 2023 municipal budget has a one per cent annual contribution to operating reserves and a 1.5 per cent annual contribution to capital reserves, equating to $1.5 million and $11.2 million, respectively.
“The 2023 budget illustrates City Council’s commitment to fiscal responsibility and a substantial investment in projects that provide value and direct benefits to the community and region,” says Mayor Gerald Aalbers.
Budget capital projects include:
- Complete construction on the Wastewater Treatment Facility
- Commence construction of the new multi-use event facility
- Proceed with Phase 1 of the Downtown Area Redevelopment Plan
- Allocate $2.3M toward the downtown water and sewer replacement program
Monthly residential impact of tax increase as forecast by city administration:
Residents may read the budget documents on the city’s website and also watch recordings of the Nov. 9 and Nov. 21 deliberations.