Council approved the bylaws just ahead of the May 15 deadline after the budget process was delayed by the combination of the election, illness and vacations.
The financial plan calls for $21,789,258 in operating expenses and $4,151,247 in capital spending in 2015.
Taxes will go up by two per cent for residences and industry, and 0.5 per cent for businesses. The hikes mark an overall increase for the entire class of properties; individual property taxes will depend on changes in assessment.
The municipal mill rate for residences is set at $4.376 per $1,000 of assessment value.
For businesses, the municipal mill rate is $16.5663 per $1,000 of assessed value.
The budget forecasts tax revenue of $8,918,922 in 2015.
The city also amended its fees and charges bylaw. The water rate is now $385 per year, while the sewer rate is $245 per year, with an additional $1.50 per foot frontage charge.
The garbage rate has been increased by $2 to $110 per year.
The budget was passed after the city received its audited financial statements for 2014 at Tuesday’s council meeting. According to the audit by BDO, the city spent less than budgeted in all departments except for economic development, which went up due to an increase in grants received from other levels of government. Long-term debt decreased by almost $1 million, to just over $17 million.
Linda Nixon, the only returning councillor, was quick to pounce on the positive results.
“I’m proud of the team of council and staff that decreased the debt, decreased operating costs, increased assets, increases reserves,” she said.