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King Township approves municipal tax base increase of zero per cent and 0.75% for increased service enhancements

The Township of King has approved a 0.75-per-cent increase for additional service enhancements in the Township’s portion of the 2022 Budget, maintaining the base tax increase of zero per cent.

King’s operating budget for 2022 is $47.3 million and the capital budget is $56.4 million for a total budget of $103.7 million. Township Council approved the budget at a Council meeting on Nov. 15. The average increase for the Township portion of municipal tax is 1.11 per cent between 2018 and 2022.

You can read the full details in the news release here.

2022 Budget Documents

 

 

 

 

 

 

 

Annual Budget 

As per section 290(1) of the Municipal Act, 2001, “for each year, a local municipality shall, in the year or the immediately preceding year, prepare and adopt a budget including estimates of all sums required during the year for the purposes of the municipality, including,

  • Amounts sufficient to pay all debts of the municipality falling due within the year;
  • Amounts required to be raised for sinking funds or retirement funds; and
  • Amounts required for any board, commission or other body.

Township Council is thus required to approve a balanced budget each fiscal year that must be finalized and approved prior to final property tax bills being issued.

The operating budget includes annual expenditures for personnel costs, materials and supplies, contracted services, minor capital, debt charges, reserve transfers and program fees.

The Township’s capital budget includes expenditures and financing sources to acquire, construct, maintain and facilitate Township capital assets such as: roads, bridges/structures, water distribution and wastewater collection systems, recreational facilities and administrative facilities.

Budget Process

The Township adopted a new budget process for 2011, which was aimed at providing decision makers, Members of Council, with more information (qualitative and quantitative) to ensure that an informed decision regarding the 2011 budget could be made.