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2-The Canadian Champion, Friday, December 20, 2002 --Mohawk siot funds ,,,Future may hold larger tax increases to stili go toward BjLRICHARDVIVIAN Hahton Region. higher market prices, Councillor WaIIy Hunter told Mr ihe Campion .tdded siltiing and expecutd lnwei build rvk MQueen. This year's tax increase may ing permit revenues, said Town Treasurer "Having estimates on the table like that have been kept low, but over the Jimn McQueen. i uiru. next tw years forecsting "We 've gone through the analysis and Coclud rJohn io temtdt next tw years forecsting ade some assumptions about what was Cuclo onCalnratmtdt shows significantly higher gong ,to happen over the next couple put the forecast into perspective, pointing hikes. er, he told council. out that an 8 per cent hike was forecast- Presented as part of the 2003 budget That explanation didn't sit well with ed for 2003 during laat year's budget dis- considerations, frecasting mndicates somne members of council, who wamed eussions. Miltonians are facing a 12.3 per centand residents aren't likely to take such A 2 per cent increase to 2003 property 19.6 per cent increase in 2004 and 2005 increases in stride. respectively. "I tdin you'll have to go back and taxes was approved by council Monday. Those forecatcd hikes are the resuit of sharpen your pencil a little. There's no "I think that should be kept in mind," the likely downloading of roads from way the public will support that," the councillor said. E LOO.N O SAVE YER N INEN0R CLARU NO0 * ECRT DEOITO AL ESE ON O TE L GST 400 Steelefs Avenue (nsxtt. Gwonds Auto ku) 905rs875-1700 3 wwwffltontoyot&com 998ZM SI? Z 94 M9 at a9Mie e l9% 49%49%6.4% M S99 9 4 A4 5ry(MOIS8 1F9,WAK 999SofH9 P9929995990 989 M1*5A1 On M tnre 99 ls9due n OeN7 Ikl lm Ow n 1e[ 19,3944, 4ol 1,2 fa 1Y 6 lým 91, 53195 1.09 19 o 9e9a9900 .&(2 m m capital proj ects By RICHARD VIVIAN The Champion After somne tinkering with funding sources, no rev- enues related to Mohawk Siots will be used to reduce taxes in 2003. In an astempt to subsidize the Town's operating budget - which has the most direct impact on propersy taxes - Town Treasurer Jim McQueen proposed to utilize $250,000 of interest eamned from slots profits. That didn't fly with counicil, which stressed those tunds are to be used for capital spending only. "We're starting to get into a scenanio where every year you depend on having that (siots revenue). If it disappears tomnorrow, you've gos a $250,000 tax problem," warned Councillor Wally Hunter. "I'd like to see us pretend this money doesn't exist when it cornes to operating budgets." To offset the reduction, an additional $250,000 will be used from interest eamned from the ownership of Milton Hydro - bringing tIsas to $745,000. Counicil also nixed a proposai to send whatever is left in the siots reserve fund at the end of tIse year to the tax stabilization reserve. The stabilization reserve provides the Town with funds to coun- teract possible sax increases in thse future. "That's stili money that might nos be there again. It shouldn't be used to reduce taxes now or in future years," said Councillor Cindy Lunau. Following the tradition of pass years, the majority of profits pro- vided to the Town from Mohawk Siots wiIl be used for capital projects. 0f the $6.5 million collected in 2002 - which represents a 5 per cent profit share from Mohawk Slots- $4.5 million is gomng to capital, while $225,000 goes to Halson Regional Police and $1 million is used to boîster reserves. 'Ise Milton Community Fund will also receive $425,000 to dis- tribute to area groups as seen fit.