At the regular meeting of Council held on Thursday, 16 November 2023, the Oromocto Town Council passed resolutions to adopt the balanced 2024 operating ($26M) and capital ($2.281M) budgets and the utility operating ($4.487M) and ($250K) utility capital budgets.
The new population of the amalgamated Oromocto (including the new ward 4 – Lincoln) is 11,910. The ward 4 tax base value for 2024 is $289M and the other wards value is $1.6B. The combined assessed value for the 2024 tax base is $1,951,381,600.
A major highlight of the budget is the money set aside for a new multi-generational/culture centre. The Town has now acquired the property of the old Hubbard Street School and has engaged the services of Colliers Project Leaders to lead the project management.
“Since I started on Council in 2012, many residents have asked for a new facility to replace some of the Town’s aged facilities. I am pleased to report Council has approved the budget that will enable the design, plan and build process of a new multi-generational/cultural facility,” said Mayor Bob Powell. “The vision for this facility is to ensure that every resident can see themselves in it. We intend to have space for health-care professionals, library, gym, walking track, meeting spaces and a multi-event arena,” he added.
The Town has made a commitment to its five-year financial plan that will see slight tax rate increases in part to fund the design and construction of the new facility and some other capital projects as well as pay for the new local governance fees of the Capital Region Service Commission. There are two tax rates established for residential properties (in accordance with the Town’s 5-year financial plan approved on 21 September 2023). The rate for Wards 1, 2 and 3 will increase by 1.5 cents to $1.4201 and the rate for Ward 4- Lincoln will increase by 4 cents to $0.9407. The multiplier for non-residential properties will remain at 1.7.
The water and sewer fund has been adjusted over the past few years, but it continues to operate at a deficit which is unsustainable. This is predominately due to the significant cost increases of the water and sewer services, inflation, and the inability to legislatively pay for those services from its general revenue. As a result, a new rate structure was approved by Council that will enable it to cover its costs and to begin the recapitalization of some of its underground infrastructure.
According to John Jackson, Chief Administrative Officer, “Moving the community forward through responsible financial stewardship underpins this budget. Council has established a five-year financial plan that will see a slight tax increase, but also considerable investment in the community to ensure its continued growth.”
The Chief Administrative Officer presented the budget to Council at a public session held on 14 November 2023 which included the following capital budget highlights:
For more information, a summary document is available on the Town of Oromocto’s website at www.oromocto.ca.
Cindy Goguen, Public Information Officer
Phone: (506) 357-4442 Email: firstname.lastname@example.org
4 Doyle Drive, Oromocto NB E2V 2V3