HAMILTON, ON – Friday, January 9, 2015 – Today, the City of Hamilton administration presented the 2015 staff recommended Tax Operating Budget, and the 2015 staff recommended Water, Wastewater, and Stormwater Budget to the General Issues Committee.
The staff recommended 2015 Tax Operating Budget includes the recommendation of a tax supported budget increase of $136 based on an average annual tax bill of $3078. Almost 80% of the increase helps the City maintain existing services, another 8% supports increase expenditure on roads, sidewalks and other items, and 12% to facilitate greater economic growth.
The 2015 staff recommended budget addresses the current budget requirements for overall fiscal health, and long-term financial sustainability. The recommended budget focuses on infrastructure funding challenges, job creation, and invests in programs that will ensure the City is positioned to take advantage of the economic growth potential which is expected to peak in the near future.
Some of the key challenges the City of Hamilton will face in the next few years include:
• Additional funding for capital renewal to overcome the current annual deficit of $195 million
• Need to balance more competitive property tax rates with key investments in the community
• Provide funding and resources to address future priorities
• Ability to address increased costs related to legislative and regulatory requirements
• Manage compensation pressures
Budget deliberations will take place over the next few weeks. The Mayor and Members of Council, with input from Hamilton residents and businesses, will make choices about City services and programs.
The City invites residents to learn more about the 2015 Budget (which is posted on the web page at www.hamilton.ca and search 2015 budget) and become involved in the budget decision-making process. Public Delegations are invited to appear before the General Issues Committee on Tuesday, February 24, 2015, from 3 PM to 7 PM.