Waterloo Regional Council passed a 2024 budget on Wednesday that includes a property tax increase of 6.9 per cent for homeowners in the area.
The region says this works out to an average annual tax increase of around $165 or $13.76 per month on average.
The total annual budget for the region, including the police budget, now sits at $2.1 billion.
The new budget will see a $472 million in funding for affordable housing and $316 million for equitable services and opportunities, an area that includes children’s and senior’s services as well as the paramedics.
“Council’s 2024 Plan and Budget includes expansions to essential services and investments in infrastructure that supports mobility, connectivity and economic prosperity,” Regional Chair Karen Redman stated.
“It addresses the growing need to build homes for all, not just houses, recognizing the supports and infrastructure needed to build liveable and vibrant communities across our region.”
It also includes a one-time doubling of money for the local food bank and its partner agencies, raising their allocation to $1.5 million.
“With this funding, we have an opportunity for our services to reach more households in our community, and meaningfully impact our residents, reducing food insecurity across Waterloo region,” said Food Bank interim CEO Kim Wilhelm in a release.
The region says the budget also has $815 million in funding for “climate aligned growth” which is earmarked for areas such as public transit, water and waste management.
The region says that staff is also continuously looking for ways to trim the fat and has found ways to reduce spending by $40.5 million through savings and efficiencies over the past five years.
This would work out to about $8.1 million per year, which would represent about 0.0038 per cent of this year’s overall budget of $2.1 billion.
On top of the regional budget, area residents will also face an increase this year from the cities and townships that they reside in.
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