2024 Budget moves Mississauga forward

Mississauga’s 2024-2027 Business Plan & 2024 Budget was adopted today by Mayor Bonnie Crombie. The 2024 Budget moves Mississauga forward by prioritizing infrastructure, building and growth while maintaining a safe and healthy community. It outlines how the City will allocate resources to meet service expectations for 13 service areas and more than 300 programs and services over the next four years, ensuring affordability for residents and businesses.

Important investments

Key capital investments in 2024 include:

• Hybrid bus acquisitions – $87.9 million
• New fire stations and station renovations – $24.6 million
• Major road construction – $22.4 million
• New park development – $41.4 million
• Road rehabilitation – $44.6 million
• Storm sewers – $19.2 million

“Mississauga’s 2024 Budget proposes a modest 2.3 per cent increase on the City’s portion of the tax bill compared to 3 per cent last year. This was achieved through finding $3.7 million in savings and efficiencies while being extremely measured when considering anything new,” said Mayor Bonnie Crombie. “The budget remains prudent with tax dollars, with nearly half (2.9 per cent) of the budget increase allocated to maintaining the status quo for the 200 services provided by the City. We are exploring new opportunities to move Mississauga forward like housing, transportation, public safety and mitigating climate change. The largest investment within the budget is for transit as we look to increase service levels and support our community’s growth.”

Property taxes

More than 57 per cent of the City’s revenue comes from property tax from residents and commercial/industrial properties. This is the main revenue tool for municipalities as per the Municipal Act, 2001.

Mississauga residents will see a 2.34 per cent increase on the City portion of the residential tax bill and business owners will see a 1.59 per cent increase on the City portion of the commercial/industrial tax bill.

New initiatives

Of the 21 new initiatives proposed for 2024, 13 are funded by user fees or other revenues, or are funded from capital, and do not impact the tax rate. These initiatives include a MiWay service increase, the opening of a new fire station, parkland growth, and invasive species management programs.

“Of every property tax dollar collected, only 37 cents stays in the City of Mississauga, and we’re putting that money to good use,” said Shari Lichterman, City Manager and Chief Administrative Officer. “We’re committed to keeping costs low by identifying operational efficiencies, securing financial support from other levels of government, and charging user fees where appropriate. At the same time, we continue to make smart investments in making the quality of life for residents better today, and into the future.”

Cost savings

The City has implemented cost containment strategies to help bring down costs. The 2024 Budget contains savings of $3.7 million (a 0.6 per cent reduction in the City’s net costs). Since 2009, the City has achieved $80.8 million in cost savings.

The Business Plan & Budget plays a significant role in shaping our city, so it’s important to take the time to read and understand it. The City’s 2024-2027 Business Plan & 2024 Budget, contains valuable information about how tax dollars are spent and highlights specific projects that will be undertaken throughout the City.

Individuals who are interested to learn more about the City’s adopted 2024 Budget and the budget process can visit mississauga.ca/budget.

Tags

• Budget and Taxes
• Finance and Revenue