The Finance and Corporate Services Committee recently approved the 2024 budget directions, timeline and consultation process. It proposes an overall tax increase of up to 2.5 per cent, made up of various levies. The draft operating and capital budget will be tabled at City Council on Wednesday, November 8. Each Standing Committee will meet in November and early December to consider their portions of Draft Budget 2024, and residents, businesses and community groups will be able to take part as public delegations, as well as participate in any Councillor-led public consultations on the draft budget. Council will consider and adopt the final budget on Wednesday, December 6.
The Committee recommended approval for the City to acquire 1245 Kilborn Place to serve as a future supportive housing community hub.
The City is planning to purchase the property for $18.5 million for the development of a supportive housing community hub to provide housing options for individuals to help reduce shelter pressure and free up other community spaces that are being used as physical distancing centres. Extensive community consultation would take place to inform the long-term use of the site.
The Committee also received an update on the 2023 Operating and Capital Budget. The second quarter of 2023 ended with a $16.8-million deficit for property-tax-supported programs, while rate-supported services, such as water, sewer and storm water, ended with a $538,000 surplus. The year-to-date tax-supported deficit was driven by the winter season and extreme weather. The overall year-end forecast for tax-supported programs is a projected deficit of $6.6 million. With a surplus of $710 thousand for rate-supported programs, the result is an overall expected deficit of $5.9 million.
Items from the meeting will rise to Council on Wednesday, September 13.