On March 10 City Council approved an annual average tax levy increase of 2.82% property tax increase or $76 a year for the average homeowner (with an assessed value of $221,000) over the next four years.
The tax levy increase will address on-going municipal cost pressures and provide funding for initiatives and projects identified in the City Council Strategic Plan.
The benefits of multi-year budgeting include:
- Alignment of longer-term goals and objectives with longer-term funding plans;
- Greater certainty is provided to tax payers/residents about the future direction of taxes and the timing of implementation of the Strategic Plan; and,
- Improved accountability and transparency over spending plan changes
The multi-year budget supports new or enhanced initiatives under the four areas of strategic focus in Council’s Strategic Plan: