Ward 8 Increase: 0.9%
April 9, 2014 – Hamilton, ON – Hamilton City Council has just given final approval to the 2014 Tax Supported operating budget. This year’s budget achieves a 1.5 per cent tax increase, or approximately $53 for the average residential property assessed at $275,700.
The 2014 Tax Operating Budget supports the City’s Strategic Plan and Business Plans as well as external Boards and Agencies including Police and Library. For the past four years the budget has protected services while holding the total tax increase at a competitive level in the face of continued assessment growth challenges in the industrial sector. The average total tax increase for the past 4 years is 1.3 per cent while assessment growth has averaged 1.0 per cent.
“This year, our budget increase is once again one of the lowest among Ontario’s larger municipalities,” said Mayor Bob Bratina. “Council has made key investments in services like transit and our adult day programs, while also ensuring our reserves remain sustainable. Our staff have worked hard to bring us a budget that we can support and my gratitude goes to Council, city staff and our community for their input and ultimately for the success of this budget process,” added Mayor Bratina.
“The 2014 budget puts Hamilton on the right track towards improved financial planning,” said General Manager of Finance and Corporate Services Mike Zegarac. “Our budget increase continues to keep Hamilton competitive amongst surrounding municipalities. This budget preserves services and service levels, improves the City’s financial position and reduces the potential risks that may lead to year-end deficits.”
Throughout the budget process, significant measures were taken to reduce the local tax burden while enhancing financial sustainability. The 2014 budget also reduces reliance on reserves and makes necessary investments in our infrastructure.
Highlights of the 2014 budget include:
• City Departments’ average budget increase of 0.1% (2011-2014)
• Enhanced transit services while maintaining transit fares at 2010 levels
• Enhanced ambulance services to address response times and code zero levels
• Increased financial assistance for Adult Day Programs
• Increased storm water management systems maintenance
• $1.3M in additional funding for Winter control
• $290 million in capital infrastructure such as roads, recreation and senior centres, waterfront, transit, and parkland.
• A $1M reduction in subsidy towards entertainment facilities previously managed by HECFI
For more information on the City of Hamilton’s budget please visit www.hamilton.ca.