Tax rates are going down in Moncton for the third straight year.
Moncton City Council has approved the city’s 212-million-dollar operating budget. It funds municipal programs and services.
The new tax rate is $1.4231 per $100 of assessment, a drop of around 2.1 cents.
Residents in the Moncton Local Service District, who were incorporated into the City of Moncton on January 1 as part of the province’s local governance reform will see their tax rate increase by five cents to a total of $0.9658 per $100 of assessment
The City’s debt ratio is projected to be 11.1 percent at the end of 2024, well below the 20 percent limit allowed by the Municipal Capital Borrowing Board. The projected debt by year-end for the general operating fund is $128.6 million.
Meanwhile, the Utility operating budget funds the provision of water and wastewater services. It came in at $44.6 million.
Water and sewer bills will rise by around $29 for the year for the average household.
Commercial customers will see increases between two and three percent, depending on annual usage.
The City’s debt ratio is projected to be 11.1 percent at the end of 2024, well below the 20 percent limit allowed by the Municipal Capital Borrowing Board. The projected debt by year-end for the general operating fund is $128.6 million.
The Capital budget, which funds new construction and updates to existing infrastructure was approved at $61 million.
Highlights of the capital budget include:
- over $16 million in upgrades to water, sewer, and storm sewer construction and upgrades
- $21.8 million – roadwork
- $11.2 million – facilities construction and improvements
- $300,000 – venue improvements, including work at the Moncton Coliseum and the Moncton Market
- $1.6 million – parks and trails
- $894,000 – tourism, culture, and events-related projects, including improvements to Magnetic Hill Zoo facilities and library upgrades
- $4.3 million – fire trucks and related equipment
- $3.7 million – equipment and additional buses for Codiac Transpo
- $100,000 – to begin feasibility and design work for an additional outdoor pool
The City is increasing spending in the capital budget by $4 million per year for the next five years to help mitigate the impacts of inflation while continuing to invest in key areas such as public transit, fire equipment, roads, and active transportation.
Within the budgets for 2024, the City of Moncton has also substantially increased its financial support for organizations dedicated to social inclusion, rising from $165,000 to 1.3 million, not including the Rising Tide affordable housing initiative.
By-law enforcement budgets have also grown to $2.6 million in 2024 to support additional community officers to address social concerns.
$380,000 has been earmarked to support the downtown clean-up program run by Downtown Moncton Centre-Ville Inc.
“This is a very positive budget. Despite some of the challenges we are facing due to inflation, we are very satisfied with our current financial situation and feel confident we are in a good position to adapt to any financial challenges ahead,” says Jacques Doucet, the City of Moncton’s general manager of Finance Services. “Our aim was to continue to maintain existing service levels, to invest in strategic priorities, and to relieve some of the tax burden on residents by reducing the tax rate and we have been able to meet all of these goals in the 2024 budget.”
Big boosts for transit and environmental initiatives as well with increases of $824, 000 in bus fare revenue and $238, 000 to extend Codiac Transpo services.
An additional $50,000 has also been allocated to begin a car share program in the city.
City Council approved $5.5 million in grants to organizations, which is an increase of $750,000 over 2023.
Snow-clearing operations will also have an additional $520,000 in the budget.
