Today, City staff’s overview presentation of the proposed 2020 Business Plan and Budget to the Budget Committee began with an economic outlook by Andrew Grantham, Executive Director and Senior Economist, Canadian Imperial Bank of Commerce (CIBC).
Grantham stated, “Tentative signs of improvement in US-China trade relations and global growth has eased some of the downside risk facing the Canadian economy and the City of Mississauga in particular. However, slower growth in Canada and Ontario specifically recently, compared to 2017, has been driven largely by softer consumer spending. With household budgets remaining stretched, with savings low and affordability concerns remaining, growth is likely to remain modest going forward.”
2020 Tax Impact
The proposed overall tax impact is a 3.84 per cent increase on the 2020 residential property tax bill. Of this, 1.74 per cent is for the City’s services and, 2.1 per cent for Region of Peel services, based on the proposed Regional budget. The proposed overall tax increase on the 2020 commercial/industrial property tax bill is 2.35 per cent. Of this, 1.07 per cent is for the City’s services, and 1.28 per cent for Region of Peel services.
“In 2020, the City continues to focus on a number of projects and plans that will align with the City’s Strategic Plan and corporate priorities,” said Jeff Jackson, Director of Finance and City Treasurer. “New services focus on quality of life for residents, quality of service, service delivery and value for money. Existing services will be maintained or improved. New initiatives will help further advance the Strategic Plan. The Public Safety Fire Program is part of Mississauga’s commitment to a high standard of public safety. We also need to continue to invest and maintain the infrastructure we already own.”
A presentation on Mississauga’s economic growth story by Bonnie Brown, Director, Economic Development, highlighted that:
- Mississauga has experienced strong economic growth over the past five years, with total employment growing twice as fast as our population.
- Of Canada’s ten largest cities, Mississauga is the only city that ranks fifth or higher across key industrial sectors; Automotive, Aerospace, Food & Beverage, Life Sciences, Finance, and Information Communication Technologies.
- Mississauga’s per capita economic output is almost 40% higher than average output in Ontario.
The City’s stormwater charge is a dedicated source of funding that appears on the Region of Peel water bill separate from the budget and the 2020 increase is set at 2 per cent. This amounts to $108.20 per stormwater billing unit.
Fees and Charges
The City’s Budget Committee previously considered new and increased fees and charges for 2020. This included transit fares and fees for Recreation and Parks, Forestry & Environment programs. Additional revenue of approximately $1.8 million is expected from the increases and new fees. These will also lift some pressures on the property tax rate in 2020.
Learn more about the City’s 2020 Business Plan and Budget and what they mean to you as a taxpayer:
- Visit mississauga.ca/budget and see what you get for your tax dollars
- Read an overview of the 2020 preliminary Business Plan & Budget that was presented to Budget Committee on June 26, 2019
- Watch or attend Budget Committee deliberations scheduled for November 19, 25, 26 and 27 with a Council vote to approve the budget now expected at the December 4 Council Meeting.*
* Budget Committee meeting schedules are subject to change.
Choose from several ways to get involved and share your thoughts: