On Monday December 9, 2019 the draft of the 2020 – 2022 operating and capital budgets and the 2023 – 2029 capital budget forecast was released (in principle) for Council consideration. Staff will be seeking council’s approval of this budget on Feb. 10, 2020. The budget documents can be downloaded and viewed at the following on-line location https://www.waterloo.ca/en/government/budgets.aspx.
Highlights of the proposed three-year budget include:
- A net operating budget of $79 million in 2020; $83 million in 2021 and $87 million in 2022
- For 2020-2022, $2.4 million in budget efficiencies, and revenue opportunities (including budget adjustments from previous years) have been identified and included in the proposed budget submission before council
- $658.8 million of capital spending for the next 10 years with 58 per cent of spending going toward road reconstruction, facility expansion and refurbishment and park expansion, rehabilitation and sidewalk and trail improvements
- Base budget and operating impact of capital and growth are increasing 1.7 – 1.9 per cent, which is comparable to the rate of inflation. Service level increases and infrastructure investments bring the average property tax increase to a total of 3.4 per cent for each year which works out to an average annual proposed property tax household increase over 2020 – 2022 of $45.39
- Annual average utility rate increase of 3.9 per cent which works out to an average annual proposed utilities rate increase over 2020-2022 of $43.70 (including the Region of Waterloo’s portion of $17.88 annual average)
Between now and budget day on Feb. 10, 2020, elements of the budget will be featured as part of the following regular council meetings:
Jan. 13, 20, 27, 2020 – Department business plans are presented to council
Jan. 13, 2020 – City utility rates are approved
Feb. 3, 2020 – Proposed capital budget is presented to council
Feb. 10, 2020 – Three-year operating and capital budgets are approved, a capital forecast for 2023 to 2029, in principle, is approved and a summary of the public engagement results is presented to council
Residents are encouraged to attend these council meetings to learn more about the city’s proposed budget. In addition, between Dec. 10, 2019 and Jan. 11, 2020, the city is hosting a public engagement survey to collect feedback from residents regarding the priorities set through the proposed budget. Visit engagewr.ca/waterloo after Dec. 10, 2019 for more details.