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“Council went into the discussions this year saying we’re not going to borrow any more money. “That’s why we borrowed for the first time ever,” he said.
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Slipp said the council members are most excited about returning to a reasonable capital budget, which last year dropped to just over $1,300. The department heads have done a good job,” he said. Slipp said holding the line on taxes while delivering needed services and improvements doesn’t come easy for council and staff. “That prevented us from having to deal with a potential tax increase,” he said, “but that revenue was eaten up very, very quickly because of increases in wages and other things.” Woodstock, however, loses $171,658 of that extra revenue because of the reduction in the equalization grant from $880,163 in 2021 to $708,505 in 2022.Īfter the Tuesday, Nov 23, council meeting and approval of the nearly $10.6 million budget, Mayor Art Slipp welcomed the tax base increase, saying the town needed the additional revenue. Through the combination of town growth and assessment increases to existing property, the assessment value jump will deliver an additional $516,249 to town coffers. The tax rate will remain at $1.45 per $100 assessment in Woodstock inside - fully serviced - area and $1.40 for the outside area and the western end of the town’s industrial park. Woodstock residents’ property tax rate will remain unchanged in 2022, although the town will collect more tax money thanks to a $35.6 million increase in assessed property value in 2022.