Hamilton City Council approves 2016 Tax Operating Budget
HAMILTON, ON – March 9, 2016 – Building on major accomplishments achieved in 2015, tonight Hamilton City Council approved the 2016 Tax Operating Budget. This year’s budget achieves a 1.8 per cent property tax increase which translates to $67 for the average residential property assessed at $295,300 and is the second lowest among comparator municipalities.
The 2016 Tax Operating Budget is focused on social and health investments, investments in transit and transportation, supporting business growth and development, and on tax competitiveness and financial sustainability.
“Members of Council and City staff worked tirelessly on this year's budget to maintain current service and program levels while also ensuring tax competitiveness and healthy reserves for future investment,” said Mayor Eisenberger.
Some highlights of the 2016 budget:
- Investments in the Hamilton Fire Department and Hamilton Paramedic Service including equipment and vehicle replacement – $6.7M
- Investment in affordable housing – $4.2M in housing supports (capital and operating, annualized)
- Investments in long-term care – $2.1M (capital and operating)
- A focus on the city’s 10-year transit strategy, including an $18.2M investment in transit service/service levels including the purchase of 11 additional buses ($6.9M), DARTS expanded service ($1.1M) and the Mohawk College Transit Terminal (partnership with Metrolinx)
- A $91.8M investment in roads including $75M to improve existing roads
- Investments in Recreation facilities - $14.7M
- Continued focus on Open for Business, and supporting building and development including open spaces and the West Harbour development
- Further investment in reserve accounts to maintain a strong credit rating and improve financial sustainability
- Investments in community supports such as Neighbour To Neighbour Centre (N2N) – $200K
The city also takes in revenues annually from recreation user fees, government grants and subsidies, license and permit fees and property tax revenue, including revenue from the Ontario Lottery and Gaming Corporation (OLG), which provided $5M in revenue in 2015, helping to offset annual costs of delivering programs and services.