Yesterday Council was presented with a proposed 2023 Budget. Mayor Carter & senior staff outlined their goals and department new hires and explanations for budget variances.
The recommended tax rate increase for 2024 is 3.95%.
The Mayor said it started much higher and where it is at now there is no wiggle room left.
Here is the link to the presentation, the Capital and Operating Budgets: https://www.oshawa.ca/en/city-hall/budget.aspx...
Mayor Carter instructed members of Council to have their budget questions submitted in writing by 4:30 p.m. Nov 23, 2023.
Highlights:
$48.9M for new Capital Budget projects
$208.8M revenue for Operating budget
Total Gross Expenses included in the operating budget are $215,336,400
Oshawa currently has $34.7M principal outstanding external debenture debt
A new debenture $8.5M and a new Inter Fund Note $271K are proposed to be added which will result in, by the end of 2024, the City's external debt being $38.5M
$1.1B infrastructure deficit forecast for next 9 years (which does not include the TCC ($9.5M for HVAC, elevators, arena, improvement requirements)
$13.57M to Reserves (an increase of $1.74M over the 2023 budget).
There are budget cuts to the Tribute Community's Centre and the OSCC of 2%, other cuts include the City's Advisory Committees
On December 1st Council will meet again on the 2024 Budget to consider amendments. Mayor Carter indicated he will decide within 9 days subsequent whether he will veto any amendments Council proposes. Then, should Council have any proposed resolutions to override any budget items vetoed by the Mayor, a final 2024 budget meeting will be held on December 15, 2023.
The recommended tax rate increase for 2024 is 3.95%.
The Mayor said it started much higher and where it is at now there is no wiggle room left.
Here is the link to the presentation, the Capital and Operating Budgets: https://www.oshawa.ca/en/city-hall/budget.aspx...
Mayor Carter instructed members of Council to have their budget questions submitted in writing by 4:30 p.m. Nov 23, 2023.
Highlights:
$48.9M for new Capital Budget projects
$208.8M revenue for Operating budget
Total Gross Expenses included in the operating budget are $215,336,400
Oshawa currently has $34.7M principal outstanding external debenture debt
A new debenture $8.5M and a new Inter Fund Note $271K are proposed to be added which will result in, by the end of 2024, the City's external debt being $38.5M
$1.1B infrastructure deficit forecast for next 9 years (which does not include the TCC ($9.5M for HVAC, elevators, arena, improvement requirements)
$13.57M to Reserves (an increase of $1.74M over the 2023 budget).
There are budget cuts to the Tribute Community's Centre and the OSCC of 2%, other cuts include the City's Advisory Committees
On December 1st Council will meet again on the 2024 Budget to consider amendments. Mayor Carter indicated he will decide within 9 days subsequent whether he will veto any amendments Council proposes. Then, should Council have any proposed resolutions to override any budget items vetoed by the Mayor, a final 2024 budget meeting will be held on December 15, 2023.
