The City of Thompson has officially approved its 2024 Financial Plan, following a unanimous decision by the council during a special meeting held on June 13. The approval comes after a public hearing where the budget for 2024 was revealed to amount to $41.6 million.
One key highlight of the financial plan is the increase in the City of Thompson property tax mill rate, which has risen by 1.3% from the previous year to reach 26.49 mills. The School District of Mystery Lake property tax mill rate has also seen an uptick, rising by 3.6% to 20.861. When combined, the residential mill rate for the city stands at 47.351, marking a 2.3% increase from the previous year.
To put these figures into perspective, a home valued at $175,000 will now be assessed $2,907 in net taxes after factoring in the Education Property Tax Credit for 2024. This reflects an increase of $55 compared to the previous year. It's important to note that residential tax bills also include a special service levy designed to cover the costs of repairing water, sewer, and storm service line breaks on residential properties. For the year 2024, the amount allocated for the special service levy is $91.91, down from $96.21 in 2023.
The commercial mill rate tells a similar story, with an overall increase of 1.93% observed from the previous year. This includes the Provincial Education Support Levy of 8.129 mills, resulting in a total rate of 55.48 mills for commercial properties. As an example, a commercial property valued at $1 million will now owe $34,179 in net tax after considering the Education Tax rebate, marking an increase of $639 from the previous year.
While these adjustments may concern some, it's important to note that the City of Thompson business tax rate will remain at 3.99%, the same as it was in 2023. In terms of capital spending, the city has allocated a total of $40.6 million for the year 2024, which encompasses various essential projects. This includes the development of the new Thompson Regional Aquatic Centre as well as multi-year road and water/wastewater main renewal projects. Notably, a substantial portion of the capital spending, amounting to nearly $33 million, is derived from federal and provincial grants, with an additional $5.6 million sourced from City of Thompson reserves and approximately $2.1 million from other avenues, including general revenues and a $2 million donation from Vale designated for the construction of the new pool.
Looking ahead, residents should anticipate the arrival of property tax bills over the summer, with the payment deadline set for October 1. These developments highlight the City of Thompson's commitment to managing its financial resources to support the community's growth and development.
