The average Waterloo region household could be paying $202.40 more in property taxes this year on the region's portion of the tax bill alone if nothing changes in a budget proposal being discussed at the region's strategic planning committee Wednesday.
The 2023 plan and budget overview proposes a 9.2 per cent increase to annual property taxes to generate the $469.1 million in additional revenue from the levy to satisfy a preliminary operating budget of $1.2 billion.
The budget excludes policing.
The Waterloo Regional Police Service Board is expected to recommend a budget increase based on one of four hiring scenarios, the favoured one being adding 19 new officers at a projected budget increase of $18.3 million for a 7.2 per cent tax hike on the police portion of the tax bill.
The region's operating budget also includes $407 million in funding from senior levels of government, $150 million in rate revenue, user fees and interest earnings totaling $115 million, $27 million in contributions from reserve funds, and supplementary tax revenue of $22 million.
The $469.1 million more the region needs to generate from property taxes to satisfy the rest of the budget represents a $48 million increase from 2022, or 11.4 per cent.
The region achieves a property tax target of 9.2 per cent when it includes revenues from a 1.99 per cent increase in assessment growth and $9 million in reductions identified by staff.
The region’s 2023-2032 capital program proposes investments of approximately $6.3 billion over ten years, with $540 million planned in 2023.
Funding for the capital program is comprised of grants/subsidies, property taxes, user rates and development charges.
A presentation during the first Detailed Plan and Budget Review meeting at 1 p.m. on January 18 will include an overview of the proposed corporate operating and capital budgets as well as detailed reviews of the plans and budgets for water and wastewater, public transit, homelessness and paramedic services.
A link to the preliminary 2023 Budget Book, which provides details on the operating budget and capital program by division is now available on the budget page of region’s website.
