Council is responsible for managing and investing your tax dollars to meet the needs of the community. The budget sets the amount of tax dollars that will be required in the year to meet those needs. Once Council approves the budget a consolidated budget by-law is passed. The services and programs provided to the village are based on an annual Operating and Capital budget.
The Operating budget outlines our spending plan for the upcoming year. This includes the day-to-day costs of running:
- The Village
- Fire services
- Recreation programs
- Road maintenance
- By-law enforcement
- Building services
The Capital budget outlines the Village of Oil Springs plan for long-term projects. It includes infrastructure related work like road reconstruction, park improvements, fleet purchases (fire trucks, snow equipment, trucks, tractors, lawnmowers), sidewalk reconstruction and building projects.
Council reviews the budget to ensure the goals and priorities they have set are reflected in the budget. Once council is satisfied with the budget, it is approved.
The budget is then used to calculate the Village's portion of the tax rate by property class. The Village's tax rates are then combined with the County of Lambton's tax rates and the Education tax rates from the Ontario Government to calculate the annual tax rates for the properties in the Village of Oil Springs.