Budget day for the Region
Posted Jan 18, 2012 10:10:29 AM.
This article is more than 5 years old.
Regional Council will take one last look at the 2012 budget today, which currently sits at a tax rate increase of 2.75%. That would mean about $40 extra for the average $250, 000 home-owner.
But Chair of Budget Committee, Tom Galloway expects to see that rate come down before approval, “we still want to get the number down to something below the rate of inflation.”
The biggest items on this years budget are the requested increase of 1.3% for the Waterloo Regional Police budget, and the first year of the Regional Transportation Master Plan Reserve Fund (costing a yearly tax base increase of 1.5% between 2012-2018, not including a couple of rebates the region has applied toward it), which will go part toward the rapid transit projects, and part toward Grand River Transit.
Galloway tells 570 News one of the challenges the region faces in drafting the 2012 budget has been a relatively low assessment growth, at 1.85%, “the economy has not been booming, so house sales, expansions of industrial and commercial facilities has certainly not gone on at the same rate that we’ve enjoyed other years,” he said.
The budget committee meets this afternoon, from 3:00 until 6:00. 570 News will have a reporter there.
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