Lakeshore Approves 2024 Budget

Budget features the lowest tax rate increase in the region at 2.97%

On Thursday, February 15, 2024, Lakeshore Council approved the municipality’s 2024 Budget.

On average, the approved tax rate increase will add $54 per year ($4.50 per month) to the municipal portion of property tax bills. County of Essex and school board levies will add $122 per year ($10.16 per month).

“This was a budget process with bold, focused leadership and I greatly appreciate my fellow Council members who worked hard on behalf of our residents. This budget takes a balanced approach that makes critical investments to meet Lakeshore’s needs while limiting its impact on residents and taxpayers,” said Mayor Tracey Bailey.

“In the face of ongoing financial pressures, we’ve managed to deliver a budget with a tax rate increase that is less than inflation. Even then, we were able to invest in our organization to build on our success and enhance the services that our residents expect,” Mayor Bailey added.

“I’d like to thank Council and members of Administration who worked tirelessly to deliver this budget. The constructive conversation around the table ensured that it reflects the needs of Lakeshore and its communities,” said Justin Rousseau, Corporate Leader - Chief Financial Officer.

Throughout the deliberations, Council reduced the originally proposed increase of 6.34%. Council also approved a one-time transfer of $700,000 from the tax stabilization reserve to mitigate the impact of inflationary pressures.

The Budget will return to Council for final approval at an upcoming meeting.

Highlights of the 2024 Budget include:

• $9.5 million in road projects. This includes $6.7 million for road rehabilitation, up from $2.7 million proposed in the draft Budget. The increased investment would mean 25 to 30 kilometres of road rehabilitation.
• $1.9 million in wastewater projects, $6.6 million in water projects, and $565,000 in stormwater projects.
• $620,000 for trail maintenance and tree planting.
• $1.47 million for bridges and culverts.
• $26.2 million in capital project spending.
• Total expenditures of $60.7 million.
• $28.2 million transfer to reserves.
• $33.5 million from reserves.
• $19.68 million in recoveries (grants, user fees, investment income).