The annual budget provides resources for the management and delivery of public services such as snow removal, the supply of drinking water, Public Security and Recreation activities. The principal source of financing is from the municipal tax bill. As well, other revenues are generated either from Recreation programs or other various services.
The triennial capital investment budget encompasses the programs that the Town wishes to undertake in the coming three years to maintain and upgrade its infrastructures and/or improve the quality of urban life. Different sources of financing are available through long-term loans which account for the debt of the Town. The annual capital and interest payments made to repay this debt are integrated in the operational budget and make up part of the financing costs. Each project needs to be individually approved by council.
Hampstead’s 2011 annual budget of $12.6 M holds spending increases (2.6%) below the expected inflation rate for 2011 (3.2%). The Agglomeration share of $9.2 M is part of the global expenses for a total of $21.8 M.
Overall the average single family home owner will have a tax increase of 3.2%. This is mostly due to the 4.6% increase for the Agglomeration share. The local tax increase is only 1.9%.
We are continuing to focus on our highest priorities and as such, since 2008 $4.2 M has been invested in our long-term plan to rebuild and renew our damaged infrastructures. Another $1.7 M is expected to be spent between 2011 and 2013 on water mains and sewers with a minimal cost effect since funds are coming from a Federal Excise Tax Grant.