Proposed 2020 - 2022 budget released to council

At a finance and strategic planning committee meeting this afternoon, staff presented council with a draft of the 2020 - 2022 operating and capital budgets and the 2023 - 2029 capital budget forecast (in principle) for their consideration. Staff will be seeking council’s approval of this budget on Feb. 10, 2020.

The proposed 2020 - 2022 budget aims to support strategic priorities while delivering on the city’s core services, through four main goals:

1. Support for existing programs and services
2. Operating funding to support new capital assets
3. Service delivery enhancements and additions as supported by the new strategic plan
4. Increased investment in infrastructure renewal

Highlights of the proposed three-year budget include:

• A net operating budget of $79 million in 2020; $83 million in 2021 and $87 million in 2022
• For 2020-2022, $2.4 million in budget efficiencies, and revenue opportunities (including budget adjustments from previous years) have been identified and included in the proposed budget submission before council
• $658.8 million of capital spending for the next 10 years with 58 per cent of spending going toward road reconstruction, facility expansion and refurbishment and park expansion, rehabilitation and sidewalk and trail improvements
• Base budget and operating impact of capital and growth are increasing 1.7 – 1.9 per cent, which is comparable to the rate of inflation. Service level increases and infrastructure investments bring the average property tax increase to a total of 3.4 per cent for each year which works out to an average annual proposed property tax household increase over 2020 - 2022 of $45.39
• Annual average utility rate increase of 3.9 per cent which works out to an average annual proposed utilities rate increase over 2020-2022 of $43.70 (including the Region of Waterloo’s portion of $17.88 annual average)

Get involved!
Between now and budget day on Feb. 10, 2020, elements of the budget will be featured as part of the following regular council meetings:

Jan. 13, 20, 27, 2020 - Department business plans are presented to council
Jan. 13, 2020 - City utility rates are approved
Feb. 3, 2020 - Proposed capital budget is presented to council
Feb. 10, 2020 - Three-year operating and capital budgets are approved, a capital forecast for 2023 to 2029, in principle, is approved and a summary of the public engagement results is presented to council

Residents are encouraged to attend these council meetings to learn more about the city’s proposed budget. In addition, between Dec. 10, 2019 and Jan. 11, 2020, the city is hosting a public engagement survey to collect feedback from residents regarding the priorities set through the proposed budget. Visit engagewr.ca/waterloo after Dec. 10, 2019 for more details.

For more information
There are a number of documents that make up the budget information package and it’s challenging to know where to start. A budget road map has been prepared to assist readers in navigating all the information that is related to the 2020 -2022 budget. For more information about this road map, to view a Budget in Brief, or to review all the documents that make up the proposed three-year budget visit waterloo.ca/budget.

Media contact:
Tony Iavarone
Director, Communications
519-747-8513
TTY: 1-866-786-3941
tony.iavarone@waterloo.ca