City releases draft Budget and Business Plan for 2023

Cambridge, Ontario. (December 9, 2022) –The City of Cambridge has released a draft of the 2023 Budget and Business Plan which proposes a 3.93 per cent increase to property taxes for the coming year. This increase will translate to less than $5 per month for the average household, while maintaining all existing service levels during the current high inflation environment.

“This preliminary budget aligns our priorities and strategic plan along with the City’s commitment to public value,” said Sheryl Ayres, Chief Financial Officer for the City. “In preparing this budget, staff recognized the pressures of the pandemic along with current inflation rates and the impact these factors are having on the average household, while still committing to providing excellent service to our residents.”

The 2023 budget also allows for key investments including the opening of the Fountain Street Soccer Complex, the expansion of the Cambridge Sports Park, and further investing in the growth and development of the City through the core area development charges waiver program. 

The 2023 operating budget includes total gross expenditures of $149.1 million and a proposed tax levy increase of 3.93 per cent. This is well below Council’s guideline to prepare the tax-supported operating budget with a target base budget increase generally in line with the Consumer Price Index inflation rate. This equates to an annual increase of $59 for the average household with a property assessment value of $333,200 or $18 per $100,000 of residential assessment value. 

The 2023 water utility budget includes gross expenditures of $76.6 million. For the 2023 budget, the average annual household water utility bill is $1,266 based on an average consumption of 204 cubic meters. This represents an annual increase of $47 or 3.90 per cent. Of this, $17 or 1.43 per cent is for the treatment of water and sewer by the Region of Waterloo, the cost of which is passed down to the City’s water bill. The remaining $30 or 2.47 per cent of the increase is the result of continued investment in the city’s water and sewer networks, working towards sustainability of the city’s core infrastructure as well as the utility portion of the core area development charges waiver program.

The 2023 capital budget invests in the continued growth of our community and includes $73.9 million of capital investment towards rehabilitation and renewal of existing assets as well as building new assets to support future growth of the city. These investments are allocated across the services the City provides as well as strategic actions included in the City’s strategic plan.

The draft Budget and Business Plan will go before Council on December 15, 2022 during a Special Council meeting at 6:30 p.m.  Public delegations and a final review by Council will take place February 9, 2023.

All meetings will be live-streamed on the City’s YouTube channel.

To view the draft 2023 budget document, visit cambridge.ca/budget