Rapid Regional Growth Outpacing Outdated Municipal Revenue Tools
Waterloo Region – Region of Waterloo staff will present a first look at the projected 2025 Budget at the Region’s Administration and Finance Committee on June 4th, highlighting the challenge of rapidly growing resident needs with outdated financial tools to support required service expansions.
“We grew by a community the size of Stratford last year alone,” said Regional Councillor and Chair of the Region’s Strategic Planning and Budget Committee Michael Harris. “We’ve made significant commitments to the community to expand the services they rely on – in housing, paramedic services, transit – and those come at a cost. Affordability is a huge concern as we help more people with a place to live, the ability to get to work, and to provide vital medical and social services.”
Based on a number of assumptions, such as projected economic indicators and planned investments in housing and homelessness, transit, roads, and paramedic services, preliminary projections for the 2025 budget currently suggest a potential tax rate increase in the range of 12%-13% for Regional services (excluding Police).
Following input from Regional Council on June 4th, regional staff will work throughout the summer to prepare the official draft Plan and Budget for 2025.
“We must invest in essential services that people rely on, while also considering the affordability crisis affecting our community. These will not be easy decisions for Regional Council,” said Harris.
Later this month, the Region will welcome the Association of Municipalities of Ontario for a workshop with Regional Council and invite Members of Provincial and Federal Parliament to join a discussion about the fiscal challenge of supporting a rapidly growing community with outdated revenue tools and the need for a new fiscal funding framework for Waterloo Region.
“Last week I delivered a State of the Region address that focused on what is needed to be one-million ready, as we look to become a community of one-million residents in the near future. Growth is coming whether we plan well for it or not,” said Regional Chair Karen Redman. “It is critical that we work together to make smart investments today that will support the next generation and future generations to come. We can’t do that without strong support from our partners in the provincial and federal government. Property taxpayers cannot shoulder the full cost of this growth. We need a new deal like other rapidly growing regions in Ontario and across Canada.”
The Region’s Plan and Budget development schedule, including public meetings, is available online.
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