Bancroft residents are looking at a tax increase of just under 6 per cent this year.
A draft budget was presented to council’s committee of the whole by the town’s treasurer on Thursday, April 13.
Although the committee approved the budget, it will need to win support from town council to become official. Council is expected to hold a meeting later this month to discuss the budget.
The committee, which has the same people as town council, heard that costs linked to the North Hastings Community Centre are driving much of the increase.
The new budget adds $445,835 over last year’s. Of that money, $125,833 is to address recent losses with the arena building.
Mayor Paul Jenkins said he’s pleased with the budget, saying staff did a “fantastic” job at keeping the tax increase reasonable, given all the pressures, such as inflation, rising fuel costs and, most notably, the Community Centre.
“Really, when you look at all the cost pressures we incurred – you know, fuel was 22 per cent above budget – I think staff did a fantastic job of coming in at that number,” he said.
Bancroft took over as the sole funder of the arena building is 2022, following the dissolving of a commission, which brought it money from several North Hastings municipalities. Jenkins said Bancroft is now trying to make up for $100,000 in losses the building incurred in 2021.
Jenkins said, had it not been for the arena issue, the tax increase would have been 3.7 per cent.