Point Edward council has set a nearly $13.5 million budget for 2023, which hikes taxes close to six per cent from last year.
Council approved a $4.9 million operating budget Thursday, that raises the village portion of the property tax bill by 5.95 per cent.
Finance and Administration Chair Tim Mondoux said there have been "significant increases in the areas of insurance, utilities, and policing, above and beyond inflation."
“Prudent decisions from past councils put us in a good position to deal with the economic challenges we are facing today, and we continue to build for the future potential of the village," said Mondoux.
Close to $8.6 million in capital spending is planned, with $6 million solely dedicated to the reconstruction of Lite and St. Clair streets.
Other projects include the installation of new playground equipment at Waterfront Park, a more efficient hot water system at the arena and a contribution to the Point Edward Fire and Rescue reserves for a new engine.
Mayor Bev Hand said the village continues to recover from casino revenue losses.
“Based on prior annual averages, the village has had a shortfall of approximately $4.5 million over the past three years due to the closure of the casino as a result of the COVID-19 pandemic," said Hand. "The village continues to be in a state of recovery, and it will take several years to overcome this setback and catch up on capital projects."
A resident with a house assessed at $150,000 in 2023 will pay $1,061 for the municipal portion of the property tax bill, up $60 from 2022.
The Lambton County portion of the bill is going up 4.02 per cent.
Point Edward’s final tax bills will be mailed in the early part of June and will be due July 4 and October 2, 2023.