The City of Lloydminster’s latest budget revisions have been approved by council.
Read more: Lloydminster council approves budget
The revised budgets include operating revenues of $125,443,459 and total operating expenditures of $125,384,147.
On the capital budget side, expenditures are at $91,241,240 supported by the same amount in capital revenues.
Just under $50 million in taxes will be collected, meaning Lloydminster residents will see a 2.37 per cent tax rate increase.
“So, 4.5 per cent was the original budget request for an increase. We went from 2.5 per cent assessment increase to 5.1 per cent increase. That will lower the tax rate to 2.37 per cent,” said Lloydminster Mayor Gerald Aalbers.
The revised budget includes some new projects, including a fire station two dorm retrofit and design. Along with the purchase of a ¾ ton truck for the fire department.
Other notable changes are a request decrease of $61,026 from the Lloydminster Public Library.
Electricity costs at the Archie Miller Arena are rising by $20,000. Electricity costs have gone up as a faulty power meter was repaired.
The snow budget will also see more funds.
“An increase to the snow removal budget due to the current year budget being fully utilized in the first quarter of 2025,” said Ryan Hill, financial planning and analysis manager with the City of Lloydminster.
Overall, $300,000 will be transferred for snow removal from the resiliency reserve.
Council voted in favour of the revised 2025 operating and capital budgets.
Read more: Council hastily approves budget
