Council has adopted Budget 2021, which invests over $260 million to deliver more than 200 core programs and services and delivers on Council’s strategic plan. In addition, the budget invests $104 million in capital improvements to city infrastructure that people depend on.
The City’s 2021 Budget is keeping taxes low while making strategic investments to maintain services, and support residents and businesses in rebuilding and recovery.
The City received more than $6.5 million from the Federal-Provincial Restart Grant, which has helped to make up some of the revenue shortfalls brought on by the pandemic.
In addition, City staff are implementing a number of cost-saving measures, keeping the overall tax increase this year to 2.03 per cent – below Council’s target of inflation plus one per cent.
For every $1 homeowners pay in property taxes, businesses contribute approximately $3.32. Businesses and downtown – particularly local retailers, restaurants, arts and culture and tourism related businesses – continue to struggle with the fall out of the pandemic. If Council had adhered to its tax policy, this would have meant that this year businesses would pay $3.59 for every $1 that residences pay. To support businesses during this unprecedented year, Council decreased business taxes, resulting in a typical business saving approximately $146.
This year's budget is an investment in well-being and economic recovery. The City is building back from the pandemic, preparing the city for a changing climate and tackling the affordability crisis, all while keeping the tax increase low as Council recognizes the difficult economic times residents and businesses are facing right now.
Read the Budget 2021 highlights for operational and capital investment, and Council's 2021 strategic priorities.
NOTE: The 2021 Draft Financial Plan [PDF - 14 MB] will be finalized and available here in July.
The City's annual budget looks to adapt to change and balance competing priorities, while continuing to provide high-quality services our citizens have come to expect.
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