Peel Regional Budget looks to plug $44.5M funding gap through property tax increases in Mississauga, Brampton and Caledon
Published November 24, 2021 at 10:47 am
It’s budget season for the Region of Peel, with councillors from Mississauga, Brampton and Caledon set to start crunching the numbers this week.
On Thursday, Regional Council will hear presentations on the proposed 2022 budget, including the Region’s corporate overview and updates on regionally controlled services like Health Services and Public Works.
The Region released the draft budget last week, which includes property tax increases in Mississauga, Brampton and Caledon which would help fund a $44.5-million gap in services including capital infrastructure costs, the Peel Regional Police, and COVID-related costs.
If approved, the budget could see property taxes go up 1.6 percent which translates to an annual increase of $78 for residential properties, and $139 for small businesses.
The typical home would also see an increase to utility bills of $47 per year, while small businesses would see an annual increase of $118.
The total proposed budget comes in at $3.8 billion, with $2.7 billion earmarked for operating costs and another $1.1 billion slated for capital investments.
The Region is a forecasting the need for an additional $5.5 million in operating costs to help fund an increase in waste management and recycling services, as well as new storm water system operations and maintenance programs.
Other budget highlights include subsidies and resources for 74 additional Housing units, funds for 26 additional Peel Regional Police officers, $33 million in reserve contributions to sustain Region infrastructure.
Following Thursday’s meeting, another round of presentations is scheduled for Dec. 2 where council will hear from Peel Regional Police, Ontario Provincial Police, and other Regionally Financed External Organizations.
Council will then begin budget deliberations scheduled for Dec. 9 and Dec. 16.insauga's Editorial Standards and Policies advertising