By Mark Squibb
December 1, 2023 Edition
Bay Bulls council has approved a balanced budget of $4.3 million that will see no residential or commercial mil rate increases in 2024.
Council approved Budget 2024 at a special council meeting held last Friday night, a meeting that was called late Wednesday afternoon.
Town staff say a copy of the budget will be made available to the public once it has been reviewed by the Province.
Staff did note a number of ‘highlights’ from the budget, including that monies have been earmarked for Phase 2 of the Long Pond Walking Trail. The provincial government will cover 60 percent of the project cost and the Town will use federal Gas Tax funding for its portion of the project. Northside Road will also see upgrades and measures taken to deal with coastal erosion. The town will pay 10 percent of those costs with the remaining being shared between the provincial and federal governments. Money for a new outdoor rink has also been set aside for next year.
Council also approved a number of incentives to help residents save some money in the new year, including a 12 percent discount for property owners who pay their taxes in full by May 31, an interest-free payment plan for residents and business owners willing to make a payment arrangement with the Town to pay their bill in full by November 30, a new home construction incentive program that provides new homeowners with a zero property tax bill for the first year of occupancy, and a one-year tax exemption for new businesses.
The budget is up considerably from Budget 2023, which came in at $3.19 million.
The commercial and residential mil, as noted earlier, will hold steady at five mils and 14.75 mils respectively.
