Hampstead town council adopted the Operating and Capital budgets for the 2010 fiscal year at its Special Council Meeting held on January 11, 2010. Triennial Capital Investments for 2010-2011-2012 were also announced. In 2010, the Town plans to spend up to $2,015,000 on capital investments.
Hampstead local tax increase held to 1.6%
The 2010 local budget amounts to $12 252 038 with an agglomeration share of $8 896 832, which brings the budget to a total of $21 148 870. Jack Edery, councillor in charge of the Finance Portfolio said,”I am satisfied that we did well by our residents. We held the local tax increase down to 1.6% while maintaining a very high level of service. That being said, I am incensed that our careful fiscal management was abused by Montreal, which increased our Agglomeration taxes by 12% leaving us with a combined tax rate increase of 6.4%. This form of taxation without proper representation goes counter to the fundamentals of a liberal democracy and must not be allowed to stand.”
Mayor Bill Steinberg added that “The Agglomeration’s expenses have increased at three times the rate of inflation over the past four years. The suburban Mayors are ignored on the Agglomeration Council and the result is run away spending increases. This shocking irresponsibility hurts all Montreallers, not just those in the suburbs.”
For 2009, the Town expects to break even with neither a surplus nor a deficit. The accumulated surplus by the end of 2010 is projected to be $1,300,000 and long term debt is expected to decrease by $700,000 to $13 million.
Town council also announced that, as introduced last year, residents will receive one tax bill instead of separate tax bills from Hampstead and from the Agglomeration. The Agglomeration share and the local tax portion will both be shown on the tax bills. Hampstead will collect the Agglomeration’s share and transfer the funds to the Agglomeration. Consequently, The tax bill due dates will be February 15, 2010 for the first installment and May 17, 2010 for the second installment.
To view Hampstead’s 2010 budget and accompanying PowerPoint presentation, which was presented at the Special Council Meeting, please visit the Town’s website at www.hampstead.qc.ca and look under Town of Hampstead –Finance and Purchasing.
Source: Town of Hampstead