Newmarket Council approves 2019 Budget
Sustainable financing – key focus for Town
NEWMARKET, Ontario, March 4, 2019 – Town of Newmarket Council approved a 2.2 per cent tax increase, combined with 0.75 per cent for asset replacement for a total 2.95 per cent tax increase (Town portion) for the 2019 Operating and Capital Budgets for the Town of Newmarket, Newmarket Public Library (NPL) and Central York Fire Services (CYFS) at the March 4 Council Meeting.
Based on an average property assessment value of approximately $607,000, residents will see an increase of $58 on the Town portion of their tax bill, a water/wastewater rate increase of $58 (5.10 per cent) and a stormwater rate increase of $4 (11.8 per cent).
“Council and staff worked hard to ensure this budget strikes the right balance between investing in our future, while keeping the tax level below the GTA average,” says Mayor John Taylor. “Financial sustainability is one of Council’s top Strategic Priorities, and we will continue to review operations for efficiencies, while ensuring Newmarket is poised for success in the short and long term.”
Highlights from the 2019 budget include:
The Town of Newmarket continues to take a responsible and sustainable approach to asset management, with an additional $440,000 for annual contributions to the tax supported Asset Replacement Fund (ARF). The ARF was created in 1998 to ensure appropriate funding is available to replace and repair the Town’s $1 billion (replacement cost) worth of capital assets both now and long into the future.
- $2.4 million towards trails and active transportation
- $1 million for replacement of bridges and culverts
- $4.8 million for completion of CYFS Station 4-5
- $6.6 million for road rehabilitation
- $1.7 million for fleet replacement
- $1.6 million for road resurfacing
- $150,000 for Mulock Farm will be put into reserves for future use
An extensive public engagement campaign for the 2019 Budget ran from August 2018 to March 2019, encouraging residents to Get Involved and provide their input on the process. Residents had the opportunity to play the “Put Your Money Where it Matters” Budget game online and at events including the Newmarket Farmers’ Market, the Central York Fire Services Newmarket Open House and the Town’s Princess and Superhero party. Residents were also encouraged to stream or attend all Budget Meetings and contact Members of Council or the Town with their ideas, comments or questions.
The total approved 2019 Operating Budget is $130.8 million and the Capital Budget is $27.7 million, with a combined total of $158.5 million.
For more information related to the 2019 Budget, visit newmarket.ca/2019budget
Town of Newmarket
Tel.: 905-953-5300 ext. 2040