Quinte West’s budget has been approved and will see an overall tax increase of 6.7 per cent for residents in 2024.
City council voted in favour of the $80.6-million budget at a special meeting held Monday.
“Despite various challenges like decreased provincial funding and pressure from inflation, this budget will maintain current service levels and ensure Quinte West is positioned for long-term financial stability,” Quinte West Mayor Jim Harrison said in a statement.
“Council is pleased to approve the 2024 budget focusing on supporting City reserves for affordable housing solutions and fixing critical roads, water and wastewater infrastructure.”
The city’s proposed 2024 budget had suggested a tax increase of 9.26 per cent.
An infographic from city the suggests the proposed tax increase was reduced by cutting money the proposed budget had allocated for the capital budget, external agencies and partnerships, and municipal departments.
Highlights of the 2024 budget include $25 million for capital projects, including $12.7 million for roadwork, with $1.55 million set aside for the reconstruction of a portion of Victoria Avenue.
Under the approved budget the city will allocate 1.5 per cent of the total tax levy — an additional $1 million — to the city’s capital budget, a pot of money saved for long-term investments like renewing existing roadways, renovating city buildings and arenas, and buying equipment.
Police, fire and emergency services will see an increase of $1 million in combined funding under the new budget.
External agencies and partnerships, including public health and health-care services, conservation authorities, transit and libraries will see $30.3 million in funding through the approved budget.
The budget will see $700,000 contributed to the city’s housing affordability reserve, the municipal government’s largest commitment to supporting affordable housing solutions to date, according to a release from the city.
The city’s property tax rebate will be increased from $600 to $675 under the new budget, a move the city says will help eligible residents who receive Ontario Disability Support Program funding or qualify for a Low-Income Senior Property Tax credit.
Meanwhile, the cost of bag tags will increase from $3 to $3.25 in 2024, bringing approximately $150,000 in expected additional revenue to help pay for the city’s waste management program, the city says.
A copy of Quinte West’s approved 2024 budget book will be made available online at the city’s website.
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