The Town of Petrolia has approved a municipal tax increase of 1.5 per cent.
The 2024 budget was voted upon during the town's regular council meeting held on Monday.
Water and sewer rates will increase three per cent respectively for 2024.
Some of the projects in the budget include the replacement of two heating boilers at the Community Centre, estimated to cost $100,000; boiler replacement at the arena, estimated to cost of $20,000; continued work on the Water Intake Project at the Brights Grove Water Treatment Plant; the installation of a Petrolia & Area Kiwanis Club Splash Pad at the YMCA; and Tank Street reconstruction from the north end of Petrolia YMCA to Discovery Line.
Mayor Brad Loosley expressed his pleasure with the budget and staff who compiled the document.
"Even though it's a 1.5 per cent [increase], we're still spending $7.5 million gross on capital work this year which is terrific," Loosley said."We've also got $7.1 million in reserves, which is great news for a small town."
As stated during a public budget session held on December 11, 2023, staff outlined future budget targets of three per cent in 2025 and two per cent in 2026 based on current information and assumptions.
