Wellesley’s projected five-per-cent tax hike is driven largely by a 4.6-per-cent wage increase and major boosts to reserves and public works, councillors heard as they reviewed next year’s budget.
However, lower-than-expected tax-base growth, along with reduced grants and dividends, has limited the township’s ability to shield residents from its 8.4-per-cent spending increase, staff said.
Worryingly, one income source set to rise substantially is revenue from late property-tax payments - another sign of the cost-of-living crunch.
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