Waterloo to explore $2.6 million reduction to 2024 budget

Another local municipality is set to approve their 2024 budget.

The City of Waterloo is scheduled to discuss their three-year budget plan Monday at 12:30 p.m. Waterloo has taken a multi-year approach to their budget process since 2008.

The tax hike is currently drafted at 7.46 per cent for the 2024 portion, which is equivalent to a $110 increase for the average household. City staff outlined expected tax increases of 7.3 per cent in 2025 and 6.44% in 2026.

Since the 2024-2026 budget plan was tabled in December, and the city was able to consult with the community in January, council directed staff to craft a menu list of ways the budget could be trimmed down.

That list will be presented, showing 12 options that shave off $2.6 million. That would bring the tax increase down to just under six per cent or $88 more per average household.

The 12 options include suggestions like deferring capital spending on infrastructure, delaying staffing additions by one year and a more aggressive investment plan.

The 2025 tax levy hike would also decrease to 6.56 per cent, but the menu reduction options would have no impact on the forecasted rise in 2026.

You can read more on page 42 of the City of Waterloo’s council agenda.