City Council approved Mississauga’s 2023-2025 Business Plan and 2023 Budget which includes a 3 per cent hike in residential taxes on the City portion.
“This year, we have put forward a no-frills budget that is designed to maintain service levels while minimizing the impacts on our residents as we address ongoing pressures from inflation and the lagging effects of COVID-19,” Mayor Bonnie Crombie said in a statement posted on the City’s website.
“We are at a time when prudent fiscal management is more important than ever because we know the financial decisions we make today will profoundly affect our City’s future. I stand behind the 2023 budget, which invests in our residents and supports our business community. We are making critical strategic investments in public safety, infrastructure and sustainability to build our resiliency in the future and support our community’s growth,” she added.
Mississauga residents will see a 3 per cent increase on the City portion of the Residential Tax Bill and business owners will see a 2 per cent increase on the City portion of the Commercial/Industrial Tax Bill. Property taxes are the City’s largest source of revenue and represent fifty-nine per cent of the revenue it receives.
In the budget approval statement, Mississauga outlined its important investments which includes hybrid bus acquisitions ($83.8 million), winter maintenance ($25.6 million), sidewalks ($3.6 million) road rehabilitation ($21.5 million) and fire prevention activities ($11 million). The City has also allocated $1.9 million for new and replacement tree plantings
The City says there are 10 new initiatives proposed for 2023 – nine of which have no impact on the tax rate and are offset by user fees or funded from the capital budget such as the Square One Innovation Hub, the Malton Youth Hub, grants to support Culture groups and parkland growth.
“The City has implemented cost containment strategies to help bring down costs,” the statement concluded. “The 2023 Budget contains savings of $3.5 million (a 0.6 per cent reduction in the City’s net costs).”