District Council approved a $155.9M tax-support budget today reflecting an operating levy of $94.2M and $61.7M in capital. As a result of this budget approval, residents will see a 3.94% increase in the District portion of their municipal property taxes to fund municipal services and a 0.4% increase to support hospital redevelopment. This represents an annual impact of approximately $40.38 per $300,000 property assessment across the region.
Similar to the pressures facing Muskoka’s residents, families and businesses, the District continues to experience pressures tied to inflation and the high costs of construction, supplies and insurance. The budgeting process focused on achieving the best balance possible – investing in key services and infrastructure to keep pace and prepare for the future while exploring every opportunity to reduce costs and find efficiencies in service delivery.
“We understand the economic pressures facing Muskoka residents and businesses, and we have worked hard to limit the impact to taxpayers wherever possible. At the same time, we have a responsibility to maintain services for future community needs. Council and staff faced very challenging decisions together to achieve this budget of balanced priorities.” – Jeff Lehman, District Chair
2024 Budget Highlights
This budget maintains all service levels and acts on the priorities identified by residents in Council’s new Strategic Plan. Key investments include:
- $4.2M to act on affordable housing and homelessness
- $23M to improve Muskoka’s road network, including $11M for surfacing projects, $1.2M for low-volume road improvements, in addition to Gravenhurst (Bay St.), Bracebridge (Taylor Rd. Bridge), and Highway #118 projects.
- $30M to expand access to 160 beds by redeveloping Fairvern Long-Term Care Home, part of a total investment to $121M
- $1.8M to support future redevelopment of hospital sites in Muskoka and beyond.
- $35.8M to fund future infrastructure needs by increasing our contributions to reserve funds
A rate-support budget for District water, sewer and garbage services was approved by District Council last month. These services are funded partly by user fees, which are determined by the service levels and vary across the District’s six area municipalities.
Commitment to Muskoka’s Financial Health
In addition to business planning and budgeting, Council and staff work hard to maintain the District’s strong financial position.
“We do this by participating in a joint investment board with other municipalities to increase our income, and by building up internal savings through District reserve funds. These investments and savings allow the District to fund many projects without using more expensive external loans/debts.” – Suzanne Olimer, District Treasurer and Commissioner of Finance and Corporate Services
Council’s commitment to prudent financial management is also reflected in its Aa1 credit rating from Moody’s Investor Service, its second-highest rating. The strong rating benefits both the District and area municipalities, by helping both levels of government access more competitive borrowing rates.
Learn more about the 2024 budget by visiting www.muskoka.on.ca/budgets
