Bill 23 could cost Waterloo $30M over next five years
Posted Dec 6, 2022 12:30:00 PM.
Waterloo city councillors were a given a major task in their first work meeting.
They have offically given the green light on large spending commitments to be included in the 2023 budget for badly needed updates to the city's infrastructure.
Spending includes well over $1 million to go towards projects related to fire rescue services, nearly $200,000 being spent on sidewalks and trails related to the light rail transit system and just over $900,000 commited to large scale capital projects.
Cassandra Pacey, manager of asset management with the city, told council that the city is investing $324,000,000 into city assets, but it's still not enough.
“Analysis completed this year,” said Pacey. “has determined that the annual infrastructure funding gap has increased by 14 million dollars to 34 million.”
Pacey also warned city council that just over 35 per cent of tax based funded assests are deteriorating, and over the next 25 years, it will increase to 75 per cent.
After Council approved those projects to be included into the 2023 budget, the topic of Bill 23 was brought up by Ward 2 Councillor Royce Bodally.
Filipa Reynolds, cheif financial officer with the City of Waterloo, provided a brief preview of what the 'The More Homes Built Faster Act' might cost the city.
“As part of our submission to the province, we did indicate an order of magnitude with regard to the financial impact on the development charges side of things, which we're ranging in the ballpark of 23 million to 31 million dollars over the first five years, and that's a reduction of about 30 to 40 per cent in revenues.” Reynolds told council.
Monday's council meeting was the first with the newly elected council since the legislation was passed at Queen's Park.
The outgoing council had previously passed a motion asking the province to hold off on passing Bill 23 until the new council had been given a chance to review the legislation.
A more detailed breakdown of the long term effects of Bill 23 will be discusssed at next week's council meeting scheduled for December 12.
