As expected, Ladysmith council approved a budget last night containing a 6.29% hike in the residential tax requisition.
Working out to an overall tax hike of 5.54%, the budget also includes a lift of 4.6% to the commercial tax requisition and a jump of 2.64% to the industrial tax take.
The increase amounts to just over $37 per $100,000 of assessed property value for a homeowner. Of that increase, $21.50 is for capital projects and infrastructure reserves, $7.38 for information technology upgrades, and $2.90 for policing.
"One of the most important focus areas for 2015 and beyond is ensuring that there is an asset management program in place to make sure the Town's infrastructure is regularly repaired or replaced and fully capable of meeting the demands of our growing population," the city said in a media release.
The budget also attempted to cut costs by investing in shared services with other municipalities and introducing i new garbage cans in the downtown area that need to be emptied less frequently, reducing overflow in the process. In addition, four vacant management positions will not be filled