By Mark Squibb
Bay Bulls council late last month approved a balanced budget of $4.38 million. The Town has since released the budget document, which shows that almost half of the Town’s anticipated revenue (48 percent, or approximately $2.1 million) is in the form of different government grants, including the municipal operating grant, provincial and federal gas tax monies, and municipal capital works funding for Phase 2 of the Long Pond trail project and federal funding for upgrades to Northside Road.
The Town’s next biggest chunk of revenue (some $926,650) will come from resident property tax, with other taxes and rental fees accounting for most of the remaining revenue.
Council anticipates over half the budget (some $2.4 million) will be chewed up in capital works projects, including the community outdoor rink, Long Pond trail project, and Northside Road upgrades.
Council has budgeted $642,786 for general government – including salaries, office supplies, Town Hall maintenance, insurance, and professional services— as well as $508,000 for transportation services, including snow clearing, $171,937 in debt payments on the Lifestyle Centre and renovation loans, and $147,500 for recreation.
Bay Bulls has a debt service ratio of 8 percent, well below the recommended maximum ratio of between 15 and 30 percent.
The residential and commercial mil rates were held steady at 5 and 14.75 mils respectively.
