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Canmore holds back tax stabilization reserve

After debating the purpose of its tax stabilization reserve, Canmore’s local politicians have chosen to save it rather than spend it this year.

After debating the purpose of its tax stabilization reserve, Canmore’s local politicians have chosen to save it rather than spend it this year.

Councillor John Borrowman made the motion after a presentation on the long-term affects of using or not using the $1.6 million reserve fund.

Borrowman said it is premature to begin using the reserve fund and council voted unanimously to support his motion.

Manager of financial services Terry Holt said without using $300,000 this year, property taxpayers can expect to see a 3.6 per cent increase in their municipal tax portion.

The Town of Canmore has to levy $17.5 million in 2012 in taxes to support its $40 million operating budget.

With using the $300,000 as originally proposed municipal taxes would have been raised 1.9 per cent.

However, the long-term costs associated with public transit, a stand alone fire department and operating the new Multiplex facility are still not fully known.


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