MUSKOKA, ON-A new Muskoka investment partnership could lead to residents paying fewer taxes.
A group of six municipalities, including the District of Muskoka and the Towns of Bracebridge and Huntsville, have joined the City of Kenora, Innisfil and Whitby in an investment program that has the possibility of reducing taxes on residents.
Now investing with ONE Investment, which is an organization that combines municipal investments to achieve economies of scale for lower fees and better returns, these communities will have by-laws that will help them to diversify their own investments.
“Every dollar a municipality earns through investing is one less dollar it has to collect from taxpayers. That’s more important now than ever,” said Chair of ONE Investment Ken Nix.
In an interview with MyMuskokaNow, Bracebridge Mayor Graydon Smith noted that if the Town makes a significant amount of money from investing with ONE, the Towns tax levy will decrease as a result, leaving residents to pay less.
“We believe ONE is the right fit for us based on our experience with the program over the years. They understand the municipal sector. We believe in their strategy and leadership in the municipal community,” said Smith.
As these municipalities join ONE, they will be able to invest – with the assistance of an advisory team and place their money where it will be safest and make the most returns.