The 2019 Financial Plan currently has a gap of $1,893,530 between total revenues and planned expenditures which would equate to a 6.98% increase in property taxes to balance the budget.
Including utility rate increases, the impact on an average single family home (assessed at $886,095) would be an increase of 1.86% or $58 and an average multi-family home (assessed at $407,050) would see an increase of 12.04% or $164. Under provincial law, the same tax must be applied to both types of residential properties. The different percentage increase is due to the assessed value of multi-family homes, increasing on average 18% more than single family homes, reversing the historical trend.
City Council will be holding a Committee of the Whole meeting at 7:00 pm on Monday, February 25th in the Council Chambers where a public presentation of the Financial Plan will be made. Following the presentation, there will be an opportunity for the public to share their views with City Council on how the shortfall should be addressed.
The capital construction expenditure budget, not included above, is $10,056,150 for 2019 and is funded through transfers from reserves and casino proceeds.