Bancroft Council has approved the municipality’s 2016 budget.

This will see a tax rate increase of 1.6 to 2 per cent for ratepayers in the area.

When factored in with this year’s MPAC property assessment increase, the average tax increase will be about 3.2 per cent.

The town still has a debt of just over $6.3-million, with six per cent of taxes going towards paying that off.

CAO Hazel Lambe also pointed out the town has about $22-million worth of tangible assets.