On Tuesday, Cambridge council approved the city’s budget for 2023, which came with a 4.74-per cent increase to property tax bills.
The city says that some of the funding will allow it to waive development charges in some of its core areas to support growth and development.
“It’s a challenge every year to balance the costs of new services and needs that will benefit our City in the long run, while maintaining existing program levels that our residents rely on every day,” stated Coun. Nicholas Ermeta, who chairs the budget committee.
“In the end, I think we landed on a budget that shows fiscal responsibility while meeting the needs of the community and providing opportunities for growth in the future.”
In a release, the city says that a home assessed at $333,200 would see an increase of less than $6 per month on their property tax bills, although it did not say exactly how many homes would be assessed at such a low number.
The city says that some of the funding is earmarked to support the Cambridge Sports Park arena expansion, provide staffing to expedite housing projects and to reopen to design project for the Riverside Dam.