Residential property taxes are going up by around $84 this year.
City council voted to change how the tax burden is divided up between residential and non-residential taxpayers.
City administration explains it’s reducing the portion paid by commercial and other taxpayers, to comply with provincial rules.
It adds it means that in future years, the tax burden will be shared more equally.
The city is also moving around $3.4 million into its reserves.
Current River Councillor Andrew Foulds argues it’s a smart move for the surplus from last year’s budget.
“In the report, it also talks about our reserve to debt ratio. We are higher than we would like to be. We’re at 1.7, with the ultimate goal of being at 1. Which means we need to increase our reserves and reduce our debt.”
$100,000 is going into the Pioneer Ridge reserve fund, $800,000 into the city’s insurance reserve fund, and $2.5 million into the city’s Renew Thunder Bay fund.
