Kenora city council still hasn’t passed the 2025 budget yet.
Council is trying to trim the property tax increase.
Mayor Andrew Poirier says one of the ways is an increase the dividend from the KMTS Citizens Prosperity Trust Fund.
“I was hoping for $150,000 myself…like $1.25 million,” Poirier told council at a budget meeting Monday afternoon.
“But we have that $100,000 as an option.”
Treasurer Ryan Marsh says based on the interest rate they get now; it will produce a bit more as a dividend.
“If I took the balance as it stood today, the balance is $45 million. So, if I applied the same principal, the amount we can pull out is $1.2 million, so it’s only adding $100,000.”
Council has been told that an increase in property assessments last year, should cut another one percent from the tax bill.
Right now, it stands at 7.85 percent, down from 9.33.
Councillor Barb Manson says she would still like to see administration cut one percent from the operating budget.
