2021 Operating and Capital Budgets Approved
Council approved a $57.3M operating and $13.8M capital budget for 2021, with a focus on prioritizing the safety of the community during the COVID-19 pandemic by increasing maintenance and accessibility of outdoor amenity space, and reducing our community impact on climate change. Other priorities include proceeding with a near carbon neutral construction plan for a new fire hall, managing traffic and parking congestion, and leading a community conversation on a sustainable vision for tourism in Canmore.
The result is a 4.5% municipal property tax increase for 2021. To put the budget in context, for every $100,000 of assessed value of a residential unit, the resulting municipal property tax would increase by ~$10/year (for a residential property assessed at $700,000 there would be an increase of ~$69/year). Note that until the mill rate is set in May, the exact impact to individual properties isn’t confirmed. The increase was reduced from an initial 8.4% increase by using the tax stabilization reserve to offset $1M in lost recreation revenue and funding the COVID-19 Contingency, and by reducing contributions to reserves. To learn more about the budget and business plan visit https://canmore.ca/town-hall/financial-information.
Reserves Policy Amendments Approved
Council amended the Reserves Policy to include two new reserves: the Sustainability Reserve and the Paid Parking Reserve. The policy was also updated to reflect terminology changes and Canmore Community Housing, renaming Perpetually Affordable Housing to “Vital Homes.” The updated policy will be available on the website by the end of the week, and in the meantime you can review all Town of Canmore policies at https://canmore.ca/town-hall/policies.