Town Council approves 2023-2024 Budget

TOWN COUNCIL APPROVES 2023-2024 BUDGET

On Tuesday, April 11, Bridgewater Town Council concluded its 2023-2024 budget planning process by approving the Capital and Operating Budgets and setting wastewater rates for the coming year.

The budget calls for a 10-cent increase to both residential and commercial taxes, as well as a wastewater rate increase to assist with the cost of future wastewater system projects.

Bridgewater's budgeted gross operating expenses for the coming year will amount to about $28.8 million, an increase of about $2.9 million over the previous year.

On the capital side of the ledger, Bridgewater's new capital expenditures are budgeted to total $14.7 million, in addition to $18.7 million in "carry forward" capital projects from the 22-23 fiscal year.

"Budget is rarely easy, but this budget was particularly challenging - between coming out of COVID, and CPI and inflation-related increases, and all the other challenges, we faced a lot of tough decisions that, unfortunately, had to include a tax rate increase," said Mayor David Mitchell.

"It should be reassuring for the ratepayers in Bridgewater that there's no fluff in the budget - you could see from the meetings we had, we scrutinized each item - we trimmed $15,000 here and $6,000 there. So, we're running as lean as we can."

One of the biggest ongoing cost pressures, Mayor Mitchell noted, is the generational capital investment the community must make over the next 18 years in updating its wastewater infrastructure.

"We've explained this very well over the past five years - we have $50 million worth of wastewater work to be done. These are projects that, in an ideal world, our community would've started to invest in decades ago," he explained.

"Now, we're doing it - and it's the right thing to do, both for the environment and to allow our community to continue to grow and thrive in the years to come - but it comes at a very substantial cost."

BUDGET HIGHLIGHTS

► Residential tax rate remains at $1.85 per $100 of assessment.

► Commercial tax rate remains at $4.07 per $100 of assessment.

► The commitment toward capital projects this year includes:

- A total of $5.2 million will be invested in wastewater infrastructure to support residential and business growth and development. Ongoing investment in wastewater infrastructure will also have a positive impact on the environment and the health of the LaHave River.

- A $4.8 million investment in road-related upgrades, including a major infrastructure renewal project on High Street, between Empire and Victoria; $225,000 earmarked for paving on Pearl Street; and $600,000 dedicated to other pavement renewal projects throughout Bridgewater.

- Ongoing investment in infrastructure and services work in the Bridgewater Business Park and the lands surrounding the new Exit 12A interchange, amounting to approximately $3.8 million.

► The Town's commitment to core services and strategic priorities remains strong, including allocations for Fire Protection ($1.6 million), Bridgewater Police Service ($4.1 million net), and REMO ($25,225).

► Council is also investing in several initiatives designed to enhance quality of life in the community and enhance Bridgewater's profile as a desirable destination:

- Bridgewater continues its investment in Bridgewater Transit service, this year earmarking $322,000 for the operation of the service.

- The Town's share of contributions to the Lunenburg County Lifestyle Centre this year is $652,000.

- Bridgewater is investing more than $66,000 in community events, such as Canada Day on the LaHave, Christmas on the LaHave, and the acclaimed Music on the Riverbank concert series.

- Council had also preapproved the addition of a full-time Community Navigator, whose role includes assisting in settlement services and the attraction and retention of both new residents and doctors.

- The Town is providing $65,000 in funding to its Low-Income Property Tax Exemption program, as well as $9,000 to ProKids, $44,000 to local non-profits through the Grants to Organizations program, and $111,000 in support for qualified tax-exempt properties owned by non-profit organizations.

Budget information is available at www.bridgewater.ca/budget23.