The Town of Petrolia has approved its 2025 budget with a property tax increase of three per cent.
Council approved the operating and capital budgets during its regular council meeting on December 9, nearly two weeks after draft budget deliberations were held on November 26.
Multiple attempts by Councillor Chad Hyatt to lower the tax increase were defeated during the most recent meeting.
Chief Administrative Officer and Treasurer Rick Charlebois said the increase amounts to $30 per $100,000 of residential assessment on the municipal portion of the property tax bill. There's no increase on the education portion.
The water variable rate will not increase and the fixed rate will go up to $15 per month. The sewer variable rate will increase by three per cent.
"Council, I think, made a lot of great decisions. Council realizes that everybody's tight for finances," Charlebois said.
Highlights from the budget include plans for the historic Scotiabank building on Petrolia Line.
The town bought the building in May and entered a 10-year deal with Scotiabank, with one of the conditions being that bank staff can occasionally use one of the office spaces.
Council decided to take a multi-use approach to include retail or commercial space in the front of the building and a community area in the back, which will include Petrolia memorabilia.
"We're hoping to have all that in place by May," said Charlebois.
Renovations will be required at the site. Council approved $65,000 in upgrades for an accessible washroom, alarm system, and a new side entrance door.
As detailed in a report, revenue from the building likely won't cover the annual operating cost so the town may absorb an annual loss of $28,000 to $38,000.
Meanwhile, the 2025 budget accounted for a 21.5 per cent increase in OPP policing costs, boosting the contract to $1.35 million.
Last month, the province proposed $77 million in financial relief to help municipalities offset increased policing costs, however, an official funding announcement was not made.
The budget also included $200,000 in additional funding from the capital reserve for road resurfacing on First Avenue from Petrolia Line to Garden Crescent, and on Pettibone Street. An additional $50,000 was also earmarked for sidewalk replacement on First Avenue and on Fifth and Third Streets between First and Fourth Streets.
Council also agreed to pay the Town Crier $1,500 annually instead of covering out-of-pocket expense requests.
The county 2025 budget is expected to take place in March 2025.