*News Release* Following extensive review of the 2018 Preliminary Corporate Business Plan and Budget, November 27 and 28, 2017, Mayor Charlie Clark and City Councillors approved the 2018 Business Plan and Budget which includes a property tax increase of 4.70%.
While continuing to face significant non-tax revenue pressures such as declines in provincial funding, the approved budget will fulfill and maintain the City’s investment plans, service level commitments and dedicated civic programs that residents rely on.
The 4.70% property tax increase will be allocated as follows: 2.78% attributed to provincial funding reductions, 1.17% to Police Services, and 0.75% to be invested in all remaining civic programs and services.
Without a funding gap left as a result of declines in provincial funding, the 2018 property tax increase would have been 1.92%.
What This Means To Residential Property Owners
The finalized property tax increase for 2018 of 4.70% will generate an additional $10.35 million for the City’s Operating Budget.
The 4.70% increase means a typical single-family home with an assessed value of $371,000 will pay an additional $6.82 each month, or $81.84 for the year.
Here is the full breakdown of the 2018 property tax increase:
|
Municipal Tax Increase Per Average |
Provincial Funding Reductions |
Total Civic Services |
Total |
|
Approximate Total Increase |
$48.41 |
$33.43 |
$81.84 |
|
Approximate $ Per Month |
$4.03 |
$2.79 |
$6.82 |
2018 Operating and Capital Budget Highlights
City Council did not approve an increase of $1.2 million to increase the service level provided by the Snow & Ice Management program -- this reduction of 0.55% from the proposed tax increase was utilized to reduce the property tax as well as provide the resources necessary to maintain the current service levels in the City’s Street Sweeping and Parks Maintenance programs.
City Council also approved additional funding to the Meewasin Valley Authority (MVA). This included:
- $45,000 to operate the Cameco Meewasin Skating Rink at PotashCorp Plaza; and
- $286,000 in additional operational funding for 2018. This amount was funded through a property tax contribution of $143,000 and a one-time funding contribution of $143,000 from the City’s Special Events Reserve.
The overall contribution to the MVA in 2018 resulted in a 0.09% increase to the property tax.
Total 2018 Operating & Capital Budget Combined: $1.14 Billion
The Corporate Business Plan and Budget frames the detailed investment decisions the City will follow in 2018. Not just about revenues and expenditures, the finalized Business Plan and Budget provides a reflection of what City Council, residents, businesses and the community as a whole value.
The City’s Strategic Goal of Asset and Financial Sustainability commits to budget planning that is open and transparent, and that the City invests in what matters. To address the needs of citizens today and tomorrow, the City is focused on the long-term goal of managing the City in a smart, sustainable way.
Visit saskatoon.ca/financialfuture for additional budget and financial information.