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  • Newmarket Council approves a financially responsible and future ready focused 2022 Budget

    Created: Monday, December 13, 2021

    ​Newmarket Council approved the 2022 Budget at the most recent Council Meeting on December 13 that will result in a 1.99 per cent tax increase (Town Portion). As a result of Council direction, this increase is one percent lower than the originally proposed 2.99 per cent increase. The 2022 Budget balances fiscal responsibility with planning for the future, while at the same time recognizing the financial impacts the community is facing during the pandemic. One percent of the increase is dedicated to the Asset Replacement Reserve in keeping with the Town's Financial Strategy, leaving an operational increase of only 0.99 per cent.

    Newmarket Council approved the 2022 Budget at the most recent Council Meeting on December 13 that will result in a 1.99 per cent tax increase (Town Portion). As a result of Council direction, this increase is one percent lower than the originally proposed 2.99 per cent increase. The 2022 Budget balances fiscal responsibility with planning for the future, while at the same time recognizing the financial impacts the community is facing during the pandemic. One percent of the increase is dedicated to the Asset Replacement Reserve in keeping with the Town's Financial Strategy, leaving an operational increase of only 0.99 per cent.
     
    The total approved 2022 Operating Budget is $141.6 million and the Capital Budget is $32.8 million, with a combined total of $174.4 million.
     
    "Newmarket Council and staff have been working tirelessly on the 2022 Budget to find a balance between keeping taxes low while maintaining service levels, investing in our assets, and preparing for the future," says Mayor John Taylor. "This budget positions us to continue to build an outstanding community. I believe that we have established a responsible and balanced budget that will continue to make Newmarket 'even better' and ensure that we remain one of the best places in the country to live, work and play."
     
    With the 2022 Budget, the Town of Newmarket continues to maintain its high level of services, while keeping tax rates in Newmarket lower than the rest of the GTA. Staff were able to find approximately $667,000 in savings through efficiencies and reductions to continue to keep tax rates low. For the average home assessed at approximately $702,400, residents can expect to see a property tax increase of $44.09 ($3.67 per month), a $53.47 ($4.45 per month) increase on the water and wastewater bill and an increase of $5.91 ($0.49 per month) for the stormwater charge. 
     
    Through an extensive community engagement process that included multiple opportunities to get involved in budget-related Council meetings, participation in the Town-wide survey, and an interactive 2022 Budget Facebook Live event, Council and staff were able to gather valuable feedback that helped to shape the budget. 
     
    Results from these engagement opportunities showed that the majority of the public would like to see the Town continue to maintain all service levels, provide continued funding for parks, trails and green spaces and continued support for local businesses, job creation and economic development. The Town would like to thank the hundreds of residents who provided input into the 2022 Budget planning process.
     
    Highlights of the 2022 Budget include:

    • Increasing funding for parks, trails and green spaces to support Council's Strategic Priority to create extraordinary places and spaces.
    • Finalizing all detailed engineering work related to the Mulock Park.
    • Advancing the Newmarket Outdoor Arena to be located at the Ray Twinney Recreation Complex.
    • Completing the final design on the Mulock Multi-Use Path which will run from Bathurst Street to Harry Walker Parkway (approx. 6km) along Mulock Drive. 
    • Completing Newmarket's first Outdoor Skate Park at the Magna Centre designed with and for youth.
    • Modernizing the Town's service delivery through technology and process improvements (Digital Transformation Strategy).
    • Maintaining all levels of service as noted by residents as the number one priority through the 2022 Budget Survey.

     
     For more information on the 2022 Budget, please visit newmarket.ca/2022budget