There was more good news for Rocky View County (RVC) while making spring budget adjustments.
Compounding an early decision to eliminate a three per cent increase in property taxes was news that the growth in property assessments nearly doubled projections.
On April 8, RVC council heard its property assessments had grown $9,993,900—90 per cent higher than the $5 million originally projected while formulating the budget.
RVC council approved transferring $5,241,500 in unallocated revenue into its tax stabilization reserve, which is used to support future projects and service levels. The reserve’s final 2025 balance will be $72.9 million, down from $73.5 million after contributing $940,000 towards Campbell Drive improvements.
On Nov. 28, RVC council approved a zero per cent increase in its operation and capital budget by transferring $181,200 from its tax stabilization reserve to eliminate a proposed three per cent tax increase.
Isedua Agbonkhese, acting executive director of RVC's financial and business services division, told council tax reductions stemming from appeals will likely reduce municipal tax revenue by year-end.
Despite these adjustments, overall property taxes are still expected to rise due to a $15 million increase in the amount Rocky View property owners are paying to the Alberta School Foundation Fund. These funds are collected by the county on behalf of the province.
