Get ready for a 4.75 per cent property tax hike.

City council presented their 2012 financial plan at a very sparsely, make that not at all attended, public meeting on April 25.

Highlighted in the presentation is increased value in residential property, as assessed by the Province of Manitoba. The average assessed value of a residential property increased by 16 per cent.

To put a dollar figure to that percentage; a home assessed at $200,000 in 2011 would now be valued at $232,000.

The result is a decrease in the mill rate from 20.958 mills to 18.926 mills; or a decrease of 9.7 per cent.

This decrease however is merely a formality, as a 4.75 per cent tax increase will be incurred. Going back to the home assessed at $200,000 last year, there would have been $1,886 paid in taxes. The same home, under the latest assessment, will run you $1,976 in property tax, or a $90 increase.

The infrastructure reserve will provide funding for things like sander trucks, a semi-tractor, and a Zamboni. Funding for lighting in recreation areas will be provided, and funding for the Downtown Strategy, which includes the contracting of Prairie Bylaw Enforcement (PBLE) will come from the public safety reserve. Our Home Kikinaw will see funding through the affordable housing reserve.

The capital projects the city will be taking on include, the rehabilitation of Thompson Drive South, valued at $600,000, a sidewalk renewal program, and Burntwood Trailer Court renewal; all of which draw funding from gas tax revenue.

The completion of the Thompson Regional Community Centre (TRCC) is valued at over $4.5 million, with much of the funding coming through Build Canada, provincial grants and debentures.

The city has budgeted a total of $13,008,850 for capital works projects. These capital projects will be funded by a combination of tax revenues, fund transfers and borrowing.

Utility rates have been approved by the Public Utilities Board (PUB) and were implemented Jan. 1 2012.

Water rates are set at 93 cents per cubic metre and sewer rates are set at 89 cents per cubic metre. The 2012 flat fee is $78.03, which includes 15 cubic metres of water and sewer.

This year’s expenses for the city remained status quo with the 2011 actual reported, with only contractual increases. A 1.5 per cent decrease was made to non-contractual expenses, and debenture payments increased $609,571.

New expense initiatives for 2012 include additional funding to the Downtown Strategy as well as the addition of information technology staff.

The complete Financial Plan is available to be viewed online at the City’s website: www.thompson.ca