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FOR INVESTORS OVER AGE 50 WHO WANT TO AVOID COSTLY TAX MISTAKES To reserve your seats email us at info@peterwatsoninvestments.com or call us at (905) 842-2100 Ext: 7 (24 hours) THURS Jan 27 10 am, 2 pm, 7 pm SAT Jan 29 10 am THURS 0 a DATES OLIVER AND BONACINI RESTAURANT Oakville Place (Trafalgar & QEW) Seats are FREE but limited OLIVER AND BON LOCATION Tax Savings Strategies RRSP, RRIF, TFSA Peter Watson MBA, CFP, R.F.P., CIM, FCSI 3 W ednesday , January 12, 2011 O A KVILLE BEA V ER w w w .o akvillebeaver .co m By David Lea OAKVILLE BEAVER STAFF Oakville taxpayers could pay an extra $32.57 in property taxes per $100,000 of assessment in 2011. A $400,000 home would pay $130 more per year or $2.50 per week. Thats if a 7.6 per cent hike in the Towns base budget is approved and after the hike is combined with an anticipated increase in Halton Regions tax budget (1.40 per cent) and education rates (0 per cent) to translate to a total 3.32 per cent increase on the 2011 property tax bill. The proposed hike is higher than last years total 1.61 per cent jump, but lower than the total 3.88 per cent hike in 2009. A Monday meeting of the 2011 Budget Committee revealed the Town is, for 2011, looking at a $223.3 mil- lion operating budget and an $88.3 million capital budget with $137.5 million to come from property taxes. Its a 7.6 per cent hike in the Towns base budget but the com- mittee was reminded the proposed net increase to the Towns base budg- et is less than the budget guideline of 8.16 per cent a threshold set by council in June 2010. This budget establishes a new base for this term of council, said Nancy Sully, Town treasurer and director of financial services. It reflects economic recovery as development begins returning to more normal levels, it maintains existing services levels and it is fiscal- ly sustainable. Sully said challenges driving the tax increase include inflationary pressures, reduced revenue from a slowed devel- opment industry and additional oper- ating costs associated with new infra- structure like the new Sixteen Mile Sports Complex. The largest Town operating cost is emergency services, which at $27.2 million, is 12.2 per cent of the budget. This is followed by infrastructure maintenance ($25.7 million), Oakville Transit ($23.7 million) and recreational services ($22.7 million). The largest capital price tags in this budget include $15.3 million for the completion of the new transit facility, $10.9 million for the comple- tion of the QEP Centre, $3.8 million for road rehabilitation and $16.6 mil- lion for road capacity expansion. Council is committed to ensur- ing residents and businesses receive excellent value for their tax dollars while continuing to receive the pro- grams and services that help make Oakville the most livable town in Canada, said Oakville Mayor Rob Burton. Public input will be crucial in providing guidance as to where our tax dollars should be spent. Staff presentations concerning the budget will take place on Feb. 3. Members of the public will have the opportunity to attend open houses and formal meetings, but dates have not yet been announced, according to Adams. Staff also outlined ways to reduce the budget reduction or elimina- tion of services, grants and subsidies. Some items eyed for elimination to save money include the Urban Art Program (Youth Outreach-Graffiti Strategy), municipal grants for BIA special events, cultural grants, the windrow removal service for seniors, the graffiti abatement program, the closing of all outdoor municipal pools, elimination of the Oakville Arts Council Grant or reduced public library hours. A potential new source of revenue suggested by staff is a hike in rates and fees for commercial and adult ice rentals. Its up to the Budget Committee to make a final decision. The 2011 Budget Committee includes Mayor Rob Burton, Ward 1 Councillor Ralph Robinson, Ward 4 Councillor Allan Elgar and Ward 5 Councillor Jeff Knoll. Ward 6 Councillor Tom Adams is again chair of the committee for 2011. The 2011 Budget Committee will deliberate on the 2011 Budget on Feb. 17, and 24 with final approval expected on March 7. Additional information about the 2011 budget is at www.oakville.ca/2011budget.htm. Questions about the budget can be e- mailed to budget2011@oakville.ca. Town eyes 7.6 per cent hike in its base budget (This budget) reflects economic recovery as development begins returning to more normal levels, it maintains existing services levels and it is fiscally sustainable. Nancy Sully, treasurer and director of financial services, Town of Oakville Councilllor Tom Adams Numbers translate to 3.32 per cent hike on property tax bill 120 SPEERS RD | OAKVILLE | 905.845.1561 rbetts a has tyC ho lwa s e b i g g e s t J U N I O R se lect ion and best prices anyw !h re e 120 SPEERS RD OAKV LLI E 905 845 156 Skis, Snowboards, Boots, Outerwear and Accessories... Choose from the latest and greatest, or from Corbetts extensive selection of OFF-Priced Merchandise... Turn your old into new with the help of ReRuns Ski & Snowboard SWAP DROP OFF DATE: January 13, 2011 LOCATION: 144 Speers Rd. 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