By Mark Squibb/January 6, 2022
The Town of Bay Bulls has balanced the books right down to the penny.
The 2022 Budget, which was presented during the December 13 public meeting, is perfectly balanced at exactly $3,411,368.94. Both revenue and expenses are up considerably from last year’s budget, when the town budgeted $2.73 million in revenue and $2.68 million in expenses, leaving council with a surplus of roughly $52,000.
By way of revenue, perhaps the largest single difference between this budget and Budget 2021 is approximately $810,000 in federal grants and subsides absent from the 2021 budget. Budget 2022 also includes an additional operating surplus of approximately $234,600. The Town did see a slight dip in provincial grants and subsides, dipping to approximately $559,850 from $654,290.
The Town is anticipating a slight uptake in residential tax revenue this year. The mil rate, as previously reported by the Irish Loop Post, will remain at 4.5 mils, however the town will receive taxes from 701 homes as opposed to just 620 in 2021. Commercial tax revenue however is anticipated to sink, as the number of taxable businesses dropped to 36 from 41. The town is anticipating $106,135 from commercial mil rate tax, against $116,744 collected last year.
The addition of a new staff person has increased town salaries from $128,750 to $181,400.
