CORNWALL, Ontario - Good news for some taxpayers in Cornwall today.
A report to the city's budget steering committee suggests that while the tax levy is going up by 1.76 per cent, because property assessments are increasing and there are changes forecast to different tax classes in Cornwall, the residential tax rate is actually going down by four per cent.
"This would mean the average residential property would have no increase in their municipal taxes in 2014," reads the report.
The city dodged a budget bullet thanks to the increases in assessment in particular, because otherwise it would have had to go to the tax base to fund the difference.
The city will likely rake in about $4 million more in revenue this year, from a variety of sources including senior government transfer payments among others.
"If we did not have a big increase in revenue, we would be looking at a tax increase of four or five per cent," said Coun. Denis Thibault. "The revenues went up by a large amount."
Finance manager Maureen Adams agreed.
"That absouletly has helped us," she said.
The city is spending less on capital projects this year versus 2013, $5.7 million instead of $7.3 million.
The total city budget is just shy of $158 million.
Coun. Denis Carr was once again elected chair of the budget steering committee.