The amount of outstanding property tax arrears declined by almost $1 million during the first quarter of 2022 versus 2021, but city hall says that is because fewer residents are on repayment plans.
City administration presented the first-quarter financial report during the recent city council meeting. Data about tax arrears and outstanding debt were contained within the document.
As of March 31, the total amount of property tax arrears that residents owed was $2,859,803. This included $1,564,639 in property tax liens and $1,295,164 in payment plans. The tax liens represented 55 per cent of total arrears.
In comparison, by March 31, 2021, total arrears were $3,788,665, including $1,395,628 in tax liens and $2,393,037 in payment plans. The tax liens represented 37 per cent of total arrears.
Therefore, the total amount of outstanding tax arrears declined by $928,862 from 2021 to 2022.
Also, by March 30, 2020, total arrears were $2,526,855, with $1,363,227 in property tax liens and $1,163,628 in payment plans. The tax liens represented 54 per cent of total arrears.
Property taxes receivable
Property tax receivable consists of tax arrears and taxes owing. Tax arrears are overdue taxes, while current taxes are due but have not fallen into arrears. Taxes fall into arrears in the next year following the levy of taxes.
The total amount of receivable property taxes outstanding as of March 31, 2022, was $2,859,803. Normally city administration lists the current amount of taxes owed in the report but declined to include that information. Instead, it simply listed the arrears, the number mentioned above.
In comparison, total property taxes receivable that were outstanding in 2021 were $3,788,665, $2,526,855 in 2020, $2,447,633 in 2019 and $2,195,054 in 2018.
Borrowing
As of March 30, there were six projects that the City of Moose Jaw was still repaying after borrowing money to finance them. The principal outstanding amount on each project included:
- Multiplex long-term loan: $12.71 million
- Sanitary sewer long-term loan: $1.76 million
- Waterworks capital long-term loan: $24.51 million
- High service pumphouse: $8 million
- Buffalo Pound Water Treatment Corporation (BPWTC) project long-term loan: $10,351,120
- BPWTC project long-term loan: $15,458,480.96
The total amount of debt that the City of Moose Jaw has is $87 million; the debt limit is $95 million.
After the report was presented, council voted to receive and file the document.
The next regular council meeting is Monday, June 13.
