City administration is projecting municipal tax levy increases of a minimum 3% for the next three years, starting in 2022.
That came from the the Financial Projections portion of the presentation from city staff to council to kick off the 2021 Budget process.
Below is a rundown of the Projected Municipal Tax Levy Increase
- 2022 3.63% total (3.47% Net of Growth)
- 2023 3.76% total (3.48% Net of Growth)
- 2024 3.72% total (3.31% Net of Growth)
- 2025 2.71% total (2.31% Net of Growth)
- 2026 1.91% total (1.52% Net of Growth)
City staff put together the projections based on estimated growth of $300,000 for 2022, $600,000 for 2023 and $900,000 thereafter.
Assumptions for the Tax Levy
- Departmental budgets – 0% increases (excluding wage & benefit increases)
- Inflationary increases for Boards & Agencies, Corporate Expenditures & Utilities
- OMPF grant expected to remain stable
- CPP Reform expenses continue
- 5% annual increases to Capital financed by the tax levy
- Annual debenture borrowing consistent with 2021 proposed level
- Reinvest net savings in debt services costs related to maturity of debt in 2024 – $3.9 million
A few items that were left out of the projections include the Demolition of Victoriaville, which is projected to cost $10 million, as well as a new Police Headquarters, which could set taxpayers back as much as $50.4 million.
Other items not included
- Program & Service Review Implementation
- Fire & EMS strategic plans
- Potential need for organic waste processing facility
- Potential provincial mandated amalgamations
