On Monday, Nov. 10, during an Administration and Finance Committee meeting, Director of Finance and Treasurer Steven Gruninger said town staff have been provided with budget guidelines for the coming year. The goal is to have Council members review department budgets during a series of budget meetings next March.

"We're looking at a no-tax increase situation in 2009," Gruninger said of the guidelines being presented to staff, noting in a staff report the town's rates will be impacted by whatever the Region of Niagara determines for its rates next spring.

Gruninger noted the process this year will be a bit more complex, particularly with the 2009 tax year being subject to reassessment. The phase-in of the assessment over a four-year period, he said, will add "complexity to the determination of the revenue impacts." At this time, he said, it's too early to determine what those effects will be.

Mayor Bob Bentley said the fact the town's average assessment is the second highest of the region, means it will have to pay more when it comes to the regional levy. Other communities like Niagara-on-the-Lake and Lincoln are in the same boat, said Bentley.

"We're at the high end," warned Bentley.

Ald. Steve Berry stressed, however, that for the town's portion of the tax bill, the increased assessment does not necessarily mean taxes will be going up. He noted if a taxpayer's assessment value is above the average increase in town, though, they may be paying more.

Another unknown this year, said Gruninger, is the impact the new reporting requirements for capital assets will be. The town must now capitalize its assets on its balance sheets. Gruninger said he will continue to determine what impact there will be at.

The town will have some new gas tax funds to utilize in 2009. The town expects $692,006.31.

"The revenues will be up substantially, basically doubling in amount from 2008," said Gruninger. Last year's revenue was $346.003.15.

The 2009 budget year will be the half way point for the town's 10-year debentures for the art gallery/library and the Peach King Centre addition, said Gruninger. Those funds, as approved in a resolution in 2006, will be paid with the assistance of interest and related payments provided to the town through its hydro note.

With meetings planned for March, it is expected the budget will be finalized with regional and education levies in May 2009.

"To achieve no tax increase -- I really like that and hope we can get there," said Ald. Wayne Fertich, Chair of Administration and Finance Committee.