Niagara Region Council approved their 2024 Budget on Thursday night, giving the go-ahead to an increase of just over 7 per cent.
The portion of the General Levy for Niagara Region operations, Niagara’s agencies, boards, and commissions- including Niagara Regional Police will take more than half the increase.
Capital project financing will increase 1.5 per cent and an additional 1.8 per cent increase is set to account for provincial policy.
The General Levy budget will increase by $38.6 million in 2024- a 7.02 per cent property tax increase.
Niagara Region Council says that, for the average property assessed at $298,000, the Regional portion of the tax bill will increase by $131, totaling $1989 in 2024.
The General Levy 2024 budget includes: the operating budget for Regional departments, Niagara Regional Police Service, Niagara Peninsula Conservation Authority, Niagara Regional Housing and Court Services, as well as the consolidated Capital Budget.
Part of Niagara Region’s budget process this year was finding efficiencies and affordable services for their Regional Operations, meaning year-over-year operating costs for Regional departments coming in below the inflation rate.
Some of the noted highlights for the budget include:
$8.6 million to replace provincially regulated development charge revenue losses needed to pay for housing-enabling infrastructure (Bill 23).
$6.7 million increase to support infrastructure for Regional departments and agencies, boards, and commissions.
$4.1 million in homelessness system stabilization (shelter outreach and support).
$2.7 million for development charge and tax increment grants.
$2.2 million for housing provider operating subsidies.
The Operating budget results in a tax levy of $483 million, which funds the daily business of the Niagara Region, its agencies, boards, and commissions.
Capital items accounted for $270.3 million, 70 per cent of which is being dedicated to renewing existing infrastructure.
Some of the major projects include:
$17.2 million annual Capital investments in sustaining affordable housing units.
$15.8 million replace 40 conventional buses.
$13.9 million Phase One Geneva Street Development Bridge/Supportive Housing.
$12 million annual roads resurfacing.
$4 million Stanley Avenue Bridge Structural Rehabilitation.
(Written by: Matthew Vernon)
