Earlier this week Muskoka District Council approved its 2024 budget which includes commitments to two new hospitals, Fairvern redevelopment, inflation and strategic objectives like housing affordability.
The budget showed total operating expenditures of $165,078,493, revenues of $70,819,389 and a total levy of $94,259,104.
The budget will come with an overall tax increase of 3.94 %, a local share increase of 0.4% for a total levy increase of 4.34%. For a property assessed at $300,000 there would be a $40.38 increase in property taxes, meaning the total property tax would come to $970.48 per year.
The increase in the levy is due to increased contributions to reserves, inflation-impacted service charges and proposed service level changes. The budget contributes an estimated $35 million to reserves and estimates that reserves will increase by $104 million over the next 10 years.
The total levy in the budget is estimated to be $94.267,900. Overall property taxes increased by 3% between 2020-2024. However, this is below the CPI which was 3.5% over that period.
The capital budget was estimated at 61.7 million for 2024. The capital budget is largely allocated to the Fairvern Long-Term Care Facility redevelopment as well as future road projects. The budget also addresses increased local share contributions for the two new hospitals being developed in the district. It is forecasted that the capital budget will total $445.7 million over the next ten years. This will be primarily funded through reserves with the remaining costs made up through debentures and development charges.
The budget reflected the large decrease in district debt, and corresponding increase in district reserves. This change is the result of the debt reduction initiative which has lowered district debt by an estimated $77 million. Debt payment are estimated to be $3.7 million in 2024.
The budget addresses many strategic objectives. This includes digital modernization efforts such as electronic document records management, asset management and GIS mapping. These are all designed to bring costs savings in the future.
Another strategic objective represented in the budget is affordable housing support. The budget states that funding to the Muskoka Affordable Housing Initiatives Program (MAHIP) will be increased by $600,000 in 2024.
The budget states that while inflation and supply chain issues have improved, they still pose future threats. This is especially true in sectors like construction and asset replacement. MAHIP programs include rent supplements, capital incentives for new construction and support loans for home ownership.
District Council voted unanimously to pass the budget.
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