At the end of 2022 Council passed an interim 2023 Operating Budget. Based on assessment estimates at the time, this required a 3.55% municipal mill rate increase to all assessment categories to balance the budget.
At the April 19 Council Meeting Council approved the Operating Budget with a 2.5% municipal mill rate increase across all assessment categories, in addition to the required increases for BESC (Beaver Emergency Services Commission) and Policing.
Why 2.5% and not 3.55% like the interim? Since the interim budget was passed at the end of 2022, the County has acquired final assessment numbers and more accurate information on expenses and revenues expected in 2023. A mill rate increase is still needed in response to inflationary costs, budget alignment to Council's strategic priorities, and an anticipated decline in the assessment base once the Provincial Government adjusts how non-residential properties are assessed. Beaver County is being proactive with gradual mill rate increases in order to mitigate the need for large increases once this assessment change comes into effect. A portion of the funds collected by the gradual mill rate increases will be placed in reserve to offset the revenue needed to balance the budget when the assessment review is complete.