Steinbach's property tax roll grew more than expected this year. City council had budgeted for an additional $500,000 in taxes from new homes and businesses. But Deputy Mayor Michael Zwaagstra says the net increase was actually $730,000...
"That is a little above what we had budgeted. We had budgeted $500,000 and so that means that there is a surplus. Typically, what happens when there is a surplus is that we apply it to other areas. For example, if there are other parts of the budget that have perhaps gone above, then it could go there. And also, some of the surplus goes into our reserve fund which we try to build up on a regular basis for some of the larger projects we have coming up."
Zwaagstra adds the additional tax revenue is not all gravy.
"Every time you have a new business that opens up or a new home that's built, those are extra revenues that get taken in as added taxes. Obviously, we have to provide services to those areas. But, at the end of the day, that is still extra revenue for the city and that means that we are able to address the challenges we have as we continue to grow."