Woodstock approves 2026 Reserve Fund Budget

Lee Griffi, Editor

Woodstock City Council has approved the 2026 Revenue Fund, or Operating Budget.

The final spending figure is $88,140,039, a 6.99 per cent increase over 2025, and translates into a residential property tax rate increase of 4.11 per cent. The average home in Woodstock with an assessed value of $271,125 will see an increase of $132.86 for the city portion of their property taxes.

“As a council, we know many households are feeling the impact of rising costs, and that makes our responsibility to manage the city’s budget wisely more important than ever. This budget reflects a careful balance, being mindful of the financial pressures facing our community while ensuring we can continue to deliver the services, programs and facilities that matter most to residents,” said Mayor Jerry Acchione.

“At the same time, we’re planning ahead and laying the groundwork for the major projects our growing city will need in the years to come.”

Council considered several budget motions from members, rejecting only one brought forward by Coun. Bernia Martin. The motion sought to allocate $300,000 from the 2025 operating surplus to replace debt financing for the Reeves Community Complex roof repair project.

“We taxed people, we didn’t spend it all last year, so we had that surplus. While this isn’t the normal way we would use (it), this is an opportunity to reduce the levy by .36 of a per cent.”

She added it would also save the city on the cost of interest and principal payments once the project is completed.

“To me, it is a responsible use of the operating surplus to save money today and save money down the road.”

Coun. Deb Tait explained using the surplus in this manner is not fiscally responsible and will end up costing the city twice as much money next year. She asked for the city CAO’s thoughts on the motion.

“Avoiding debt in the 2026 budget by applying the surplus…all that does is simply delay by nine months that debt coming back to council for approval in the 2027 program,” explained David Creery.

“We raise the money; we spend the money. We don’t put it into reserve accounts and let it sit. When we go to the taxpayer for these capital dollars, we are putting those capital dollars back into our assets. They don’t sit waiting for an opportunity to use them.”

He added Martin’s motion, if approved, would not reduce the 2026 tax levy since council did not move a motion to raise the $300,000.

“There are no immediate savings because that motion did not come forward.”

Tait said the next council, taking office after October’s election, would face a financial bind if the motion passes.

“They’re going to have to double because we didn’t do what we should do. I will not support that motion.”

Acchione said at first glance he was open to the idea but had some concerns looking ahead to future budgets.

“I have some serious concerns and some hesitancy. I have no intention of pulling away our operating surplus, knowing what’s coming forward.”

Martin’s motion was defeated by a 6-1 vote.

The approved budget includes contributions towards a new Culture Master Plan reserve and a new Community Complex Reserve to set aside funds as a strategy to support the development of a new recreation facility, along with a fundraising and sponsorship strategy for the proposed North Woodstock Community Complex development.

“Six new full time positions with the city will also be created, and part time hours and contracted services will be converted into the equivalent of 8 full time staff to support growth and strengthen community service delivery,” said a city press release.

Staff first presented the proposed budget to council during its regular meeting on February 19. Staff provided additional details, and council had the opportunity to ask questions during special budget meetings held on Feb. 24 and 26.

More budget information is available at www.cityofwoodstock.ca/budget.