The Town of Elk Point approved their 2020 Interim operating and capital budget at last Monday’s meeting, after two long evenings of deliberation. It is required that the budget be passed by the end of December each year, but cannot be finalized until requisitions from other bodies are obtained in the spring. In the meantime, Mayor Lorne Young said, “It’s a moving object and can be adjusted if necessary.”
A press release from the Town outlines the details of the budget, with revenue of $4.3 million and expenditures of $4.3 million. In summary, it states:
The 2020 interim budget is $4.3 million. This consists of $1.74 million (40.4 per cent) in property taxes, $562,830 collected for School and Senior Housing (13.1 per cent), $1.29 million collected for utilities and services (39.9 per cent) in water, sewer, garbage and user fees.
The Town receives $436,686 (10 per cent) in grants – federal, provincial, local government, $205,567 in power and gas franchise (4.8 per cent) and $78,000 in interest and penalties.
The 2020 interim budgeted financial expenses are: Utilities - $1,352,476; School/Senior Housing - $562,830; Public Works and Streets - $532,797; Administration - $426,692; Recreation and Community Services - $345,596; Safety and Bylaw Enforcement – $358,893; Council - $164,259; FCSS - $$60,900; Library - $54,950; Airport - $50,503; Economic Development - $21,200; Professional Services – Assessment/Audit/Solicitor/Engineers - $38,200; Capital Projects - $133,700; Debt Repayment - $202,500; for a total of $4,305,497.
Capital Projects 2020 are: Railway Ave., Street Rehabilitation, from Provincial and Federal Grants, $265,000; Water Meter (Electronic Head) Replacement, 100 per cent from Water Reserves, $220,000; Backhoe, from Provincial Grant, $165,000; East Cemetery Road, 50th Ave. Rehabilitation, from General Reserve, $5,000; Sanitary Sewer Lift Station, from Provincial and Federal Grants, $870,448; for a sub total of $1.525,448. Note: Only $5,000 of operating taxes will be used in 2020 for these capital projects.
Property Assessment
Real property is assessed in accordance with MGA Part 9, Division 1. Elk Point’s property assessment is based on a July 1 market value (the year prior to tax year) and is determined each year, based upon market sales, by contractor Wainwright Assessment Group, whose phone number is 1-780-842-5002.
