Yorkton Council received its first post provincial budget look at its regular meeting Monday.
In this budget we see the City of Yorkton suffering large losses in revenue and increased expenses due to this budget, explained Shannon Bell, Director of Finance, with the City.
The overall loss in funding was reported at $2,279,242.
The funding losses are spread over a number of cuts and cost increases, noted Bell.
The breakdown of losses presented included:
• Revenue Sharing – due to lower revenue in 2015/16 $174,600
• Revenue Sharing – due to formula change (2016 Census) $167,625 $ 342,225
• Sask Power five per cent Payments in Lieu 1,111,171
• Sask Energy five per cent Payments in Lieu 414,132
• TransGas five per cent Payments in Lieu 101,299
• Sask Energy Building Grant in Lieu of Taxes 12,915
• Reduced funding to Library’s (City’s pick up) 110,000
• Insurance Premiums are now PST applicable 21,000
• Bulk Fuel Purchases are now PST applicable 16,500
• One per cent PST Increase on all other purchases 150,000
Bell said the lost funding equates to a 10.29 per cent increase in property taxes. She added this is in additional to the already 6.00 per cent that the City is requiring due to annual operations.
“This is a total taxation revenue increase of 16.29 per cent,” said Bell.
Also as a result of the provincial budget the mayor and councillors will see a reduction in salary, since they are tied to what an MLA is paid provincially, which were trimmed 3.5 per cent.
The mayor’s monthly salary will decline from $6,011 to $5,801, while a councillor’s salary will decline from $1,803 monthly to $1,740.
