Waterloo facing hefty tax hikes
Posted Aug 10, 2015 07:07:07 AM.
Last Updated Aug 10, 2015 12:01:10 PM.
This article is more than 5 years old.
A warning, Waterloo residents could be staring at some significant tax hikes over the next few years.
A staff report, going before city council Monday night, suggests it would take 6 percent tax hikes each year over the next three years to cover shortfalls and planned expenses and that is not going over well among some councillors.
Right now, the city bases tax increases on the inflation rate, which is currently in the neighbourhood of 2.1 per cent.
Councillor Bob Mavin is among those who wants to hold the line on taxes.
One of the chief expenditures for the city is staffing, which a report pegs at about $63 million, or over 53 per cent, of the taxes the city collects.
The report also warns, if taxes do not keep pace with the rising costs, the city may have to resort to service cuts, staff cuts or unloading city assets to cover the shortfall.
“Council acts sort of like a referee in saying, okay, thank you for all that information, and here’s where our priorities are,” says Mavin.
City council is poised to pass a three year budget later this year.
