The Town of Goderich made final approval this week of the 2023 budget and along with it a 4.75 percent tax increase for residents.
Mayor Myles Murdock says the Town’s financial position with over $20 million in reserve funds across the areas of water, development charges, public works and more speaks to the municipal government’s fiscal responsibility.
“The financial management of the town has been well taken care of. We’ve never had to borrow money. If we have its from reserves we do have. The other thing is we don’t build reserves unless we need them.”
Murdoch made note that in the past 5 years there haven’t been tax rate increases. And 1% of the current increase is due to a capital investment of $90,000.