The Infrastructure and Debt Repayment Levy makes up 1.1% of the City’s proposed budget. In 2021, the City is proposing to increase the Infrastructure and Debt Repayment Levy by 2%.
Special Purpose Levies, including the Infrastructure and Debt Repayment Levy, are included in Financial Transactions.
Repairing aging infrastructure requires increased funding of the City’s asset renewal needs. New funding strategies have been developed to address these needs. Most notably, the Capital Infrastructure and Debt Repayment Levy of 2% on the prior year’s tax levy provides the funding necessary to maintain our current assets. The levy is allocated about evenly between funding capital infrastructure directly and funding debt repayment. This levy is planned to continue for at least the next 10 years.
The proposed 2021 budget includes $107 million for the funding of capital projects.