Sylvan Lake Council considering adjustments to balance 2025 budget

The Town of Sylvan Lake received the final 2025 property assessments, with a 8.5 per cent increase.   

In the draft budget, the town estimated an increase of 3 per cent and an estimated 3.38 per cent residential and commercial tax rate increase.   

Due to the difference, Sylvan Lake Town Council is now considering six options to adjust the budget.  

Option 1:  

• Leaves the core municipal tax rates unchanged for 2025 from last year.  

• This will generate an additional $750,000 in municipal tax dollars over what is needed in the 2025 budget.  

• Includes raising the Recreation Levy from the current $894,000 annually to $1,000,000 annually.  

• Including raising the Transportation Levy from the current $700,000 annually to $900,000 annually.  

Option 2:  

• Leaves the core Municipal tax rates unchanged for 2025 from last year.  

• This will generate an additional $750,000 in municipal tax dollars over what is needed in the 2025 budget.  

• Does not increase the Recreation Levy, unchanged at $894,000.  

• Does not increase the Transportation Levy, unchanged at $700,000.  

Option 3:  

• Increase the core Municipal tax rate for 2025 by 1 per cent over last year.  

• This will generate an additional $978,000 in municipal tax dollars over what is needed in the 2025 budget.  

• Includes raising the Recreation Levy from the current $894,000 annually to $1,000,000 annually.  

• Includes raising the Transportation Levy from the current $700,000 annually to $900,000 annually.  

Option 4:  

• Increase the core Municipal tax rate for 2025 by 1 per cent over last year.  

• This will generate an additional $978,000 in municipal tax dollars over what is needed in the 2025 budget.  

• Does not increase the Recreation Levy, unchanged at $894,000.  

• Does not increase the Transportation Levy, unchanged at $700,000.  

Option 5:  

• Reduce the core Municipal tax rate by 1.8 per cent for 2025 from last year.  

• This will generate an additional $342,800 in municipal tax dollars to cover proposed budget adjustments.  

• Does not increase the Recreation Levy, unchanged at $894,000.  

• Does not increase the Transportation Levy, unchanged at $700,000.  

Option 6:  

• Reduce the core Municipal tax rate by 1.8 per cent for 2025 from last year.  

• This will generate an additional $342,800 in municipal tax dollars to cover proposed budget adjustments.  

• Includes raising the Recreation Levy from the current $894,000 annually to $1,000,000 annually.  

• Includes raising the Transportation Levy from the current $700,000 annually to $900,000 annually.   

Council is considering the options and will make a final decision in the April 14 Council Meeting to pass the final budget.  

Assessment Values  

• Assessment values increased by 8.5 per cent.  

• Residential experienced the strongest increases in market value, with many homes selling for more than the list price.  

• Commercial properties did not see significant market value increases. Some commercial properties saw a reduction in assessed value due to the tough financial climate in Alberta.  

• New construction added $127.3 million in assessed value to the 2025 tax base.  

**With information provided by the Town of Sylvan Lake

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