Harrison Hot Springs has approved its 2021-2025 Financial Plan, which will see more than half of the revenue for 2021 come from outside grants.
During council Monday evening (March 1), Harrison gave final approval to its 2021-2025 Financial Plan, which outlines the long-term budget for the village over the next five years.
In 2021, Harrison is expecting to bring in nearly $12 million in revenue, which includes $6.1 million in grants and donations. The rest of the revenue is made up of property taxes, development cost charges and revenue from places like Memorial Hall.
In 2021, Harrison has budgeted for just over $2.4 million in property taxes, a 4.4 per cent increase over last year.
In 2020, Harrison opted to reduce the tax multiplier for business and recreational properties in the village to help owners cope with reduced income from the COVID-19 pandemic. Those tax multipliers have been restored to what they were in 2019 for this coming year.
According to financial officer Tracey Jones, Harrison’s budgeted amounts for property taxes are partially based on expected growth in the village. The tax revenue for each year of the financial plan is anticipated to grow between 0.8 per cent and 2.5 per cent each year.
Other revenue will be coming from the expanded pay parking system, which will now begin on May 1. Some of that money will go to develop a new master parking plan.
More than half of Harrison’s revenue is allocated to be spent on capital projects in 2021, with $6.8 million budgeted to go towards capital projects. This includes $1.1 million on stormwater upgrades and nearly $1.2 million on beach redevelopment.
The budget includes other, smaller capital projects, such as $75,000 for adding a new trailer to the village property to help staff maintain a COVID-19 safe work space.
Other expenses include nearly $1.3 million in general government expenses — which includes staff wages and professional services, among other things — and $1.3 million for the wastewater and water utilities.