By Mark Squibb/November 18, 2021
The Town of Holyrood is addressing declining property assessments by docking four percent from each of the town’s six standing committees’ budgets.
Mayor Gary Goobie said that each department is going through its financials line by line to see where cuts can be made as cleanly and painlessly as possible.
“Due to declining revenue, as a result of the property assessments, we are optimistic that each department will realize a four per cent deduction within their operations budget to help offset that decrease in revenue,” he explained during the November 9 meeting. “Overall, financially, our town remains in very healthy shape, and our debt ratio is fairly low, at around 11 percent. Under the Municipalities Act, we can go as high as 30 percent. So, all in all our town remains in good shape financially.”
Goobie said that budget preparations are well underway, and he’s confident the committees can make up the $160,000 difference.