By Mike Moore | Irish Loop Post
The Town of Bay Bulls is projecting a budget surplus by the end of 2019.
The budget breakdown shows projected town revenue to be $2,377,462 next year while spending is projected to be $2,222,502, leaving $154,960 on the table.
The town’s revenue (projected) will come from:
• 41 per cent residential property tax, $740,254.55.
• 26 per cent commercial property tax, $464,045.70.
• 13 per cent business tax, $235,699.54.
• 10 per cent government grants, $171,296.26.
• 10 per cent other revenue, $186,116.70.
Property taxes for 2019 will sit at 4 mils for residential properties, and 13.5 mils for commercial properties.
The business taxes for 2019 are as follows:
• Commercial 11.5 mils
• Utilities 2.5 mils
• Financial institutions 35.5 mils
• Industrial fabrication 19.5 mils
• Medical clinics 19.5 mils
• Construction contractors 14.5 mils
• Coffee businesses 11.5 mils
• Boat tour operations 11.5 mils (Min $2500.00)
• Bed and breakfast, and inn operators 4.5 mils
• No fixed location within Bay Bulls 5 per cent of gross annual revenue
As for expenditures, general administration will take $303,366, snow and ice control will cost $300,000, garbage and waste collection will cost $108,000 and fire services will cost $60,000.
The town’s spending breaks down as follows:
• 37 per cent for general government
• 30 per cent for transportation services
• 12 per cent for debt management
• 8 per cent for community services
• 7 per cent for environmental health
• 4 per cent for protective services
• 2 per cent for planning and development
The budget was passed during a special public council meeting late last month.
