Local government | December 6, 2018
City staff’s overview presentation of the proposed 2019 Business Plan and Budget to the Budget Committee yesterday began with an economic outlook by Andrew Grantham, Executive Director and Senior Economist, Canadian Imperial Bank of Commerce (CIBC).
Grantham stated, “While rising interest rates will result in slower consumer spending and housing market activity, the new United States–Mexico–Canada Agreement has removed a significant risk for Mississauga, given the large volume of manufacturing and wholesale trade within the local economy.”
The proposed overall tax impact is a 2.75 per cent increase on the 2019 residential property tax bill. Of this, 1.69 per cent is for the City’s services and, based on the target set by Regional Council, 1.07 per cent for Region of Peel services.
For the owners of an average detached, single-family home in 2018 valued at $645,000, a 2.75 per cent overall tax increase comes to $146.32, before any phased-in assessment change.
The proposed overall tax increase on the 2019 commercial/industrial property tax bill is 1.67 per cent. Of this, 1.02 per cent is for the City’s services, and 0.65 per cent for Region of Peel services.
“Services such as buses, roads and community pools cost more today and are far superior to those from 20 years ago,”
said Jeff Jackson, Director of Finance and City Treasurer. “The City’s annual Business Plan and Budget shows the value residents get for their property tax dollars, such as newer facilities and improved services. Our detailed business plan, informed by the valuable input received from residents, will help the Budget Committee make sound decisions on the proposed 2019 Budget.”
As a follow up to its 2014 report, BMA Management Consulting Inc. recently conducted another assessment of the City’s financial condition. A report presented to the Budget Committee indicates that “while the City’s financial condition was in a strong position in 2014, in virtually every performance indicator, the City’s financial condition has improved.”
A presentation on Mississauga’s growth story by Bonnie Brown, Director, Economic Development, highlighted that:
The City’s Budget Committee also considered new and increased fees and charges for 2019. This includes transit fares, Recreation and Parks and Forestry programs. These revenue sources will help offset the cost of delivering these services.
Additional revenue of approximately $2.3 million is expected from the increases and new fees. These will alleviate some pressures on the property tax rate in 2019.
The proposed fees and charges will be presented at a Council meeting for approval on December 12, 2018.
The City of Mississauga’s Budget Committee meetings on the proposed 2019 Business Plan and Budget are scheduled for January 14, 15, 21, 22 and 28. Residents can address the Budget Committee through deputation by contacting the City Clerk’s Office. Council is expected to approve the proposed budget on February 6, 2019.
The Budget Committee meeting schedule may change. Please visit the Council and Committee Calendar Listings for up-to-date information.
Information about the City’s budget is available at mississauga.ca/budget. Residents can participate in the budget process as follows: