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Ingersoll Passes Multi-Year Budget for 2024-2027

Tuesday, 23 January 2024 12:02

By Marcie Culbert X @marcieculbert

Ingersoll Town Council has passed a $22.5 million budget for 2024, with a tax rate increase of 3.47 percent.

INGERSOLL - Ingersoll Town Council has passed its first multi-year budget.

Mayor Brian Petrie says it covers 2024 through 2027.

"The big thing about multi-year budgeting is we're able to identify projects further out. One of the main things that residents have noticed is that in 2026 we have the new Multi-Year Recreation Centre in the budget, which was a number one priority in the community when the Strategic Plan was done."

CAO Michael Graves says the town is very proactive when it comes to asset management.

"Our commitment to responsible financial planning has been a priority for the Town of Ingersoll. This multi-year budget not only reflects our dedication to transparency but also ensures that we continue to provide essential services without compromising our community's well-being."

Looking at 2024, the budget is $22.5 million and there's also a tax rate increase of 3.47 percent. This means the average homeowner with a property valued at $222,000 will pay an extra $71 on the town's portion of their property taxes this year.

Petrie says Ingersoll is facing one of the lowest tax increases in the county, adding there's no new increased debt this year.

"Staff was able to present a budget that was very palatable to council and still provide all of the services that are needed even below the rate of inflation at this point. So we're super happy to be able to present that to the Ingersoll residents."

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