The town hall in St. Stephen. (Image: Brad Perry)
The town of St. Stephen has held the tax rate for 2021 but it took some work to get there.
Like most municipalities, COVID-19 has presented financial challenges for the town.
Mayor Allan MacEachern said the town had to borrow $230,000 from the general operating reserve fund to cover shortfalls at the Garcelon Civic Centre.
“We are losing money because of COVID. The revenue is not there. Normally, what we are doing is putting money in our reserve fund but, this year we are taking it out so, it’s kind of a double-whammy, we are not adding anything to it,” MacEachern said.
MacEachern said projected losses at the Garcelon Civic Centre for 2021 are $272,000.
He said they are losing revenue at the facility in several different ways.
“Lack of events, the canteen is not open, some of our revenue comes from the states, our American users. We are not getting them right now,” MacEachern said.
MacEachern said between cuts to the provincial equalization grant, offset by an estimated $7.7-million increase in property tax assessments, the town lost $20,000 in revenue.
The tax rate for 2021 will remain at $1.58 but the town’s water and sewer rates will increase.
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