Today, Peel Regional Council approved the 2023 Operating and Capital Budget which includes a property tax increase of 2.8 per cent for the Regional portion. This will contribute an annual increase to the typical residential property and commercial/industrial property tax bills of $144 and $255 respectively.
Additionally, the average home will see an increase to their utility bill of 16¢ per day (or $58 per year), while the average commercial/industrial property will see an increase of 42¢ per day (or $152 per year).
“The 2023 Budget maintains services and invests in the community while ensuring the challenges that Peel is facing are a top priority,” said Regional Chair Nando Iannicca. “We’ve passed a budget that invests responsibly in core service levels, promotes community safety, and protects the vulnerable, while also striving for innovation and efficiencies at all levels to mitigate the increase to property tax bills.”
The Regions says the development of the 2023 Budget was guided by the strategic plan, with priority focused on the challenges Peel is facing as a growing community with increased service demands. Ongoing challenges include heightened inflation, supply chain issues, and changing legislation (specifically Bill 23, More Homes Built Faster Act, 2022 which will see changes to the way that municipalities can collect development charges to fund infrastructure).
The 2023 Budget includes investments of $5.0 billion to maintain current service levels for a growing population, while addressing priority community needs. Critical urgent needs being addressed include increased investment in public safety including police and paramedic services, housing affordability, programs to eliminate systemic discrimination
climate change initiatives, psychological health and well-being initiatives as well as service investments to support the community.
To address the challenges being faced, the 2023 Budget also reflects $4.0 million in savings and cost avoidances found through continuous improvement efforts and cost containment measures.
Copies of the 2023 Regional Operating and Capital Budgets are available at peelregion.ca/budget.