On Wednesday city councillors had a first look at what budget costs could put a potential 14.2 per cent residential tax increase on the table for 2024.
Hamilton, Ont.’s general manager of finance revealed budgetary pressures connected with housing and homelessness as just a few significant challenges likely to aggravate the city’s efforts to shrink a 14.
In a presentation Wedneaday, he estimated close to four per cent of the 14.2-per cent relates to housing issues including the covering of changes in development charge exemptions and other legislated impacts from Ontario’s“We’ll speak to $30 million in investments being referred through the Housing and Homelessness strategy,” Zegarac said.“But then there’s a development charge exemption component that’s real in terms of housing.
The absence of COVID relief funds from the other two levels of government the city factored into its last couple of budgets is also an estimated $14-million hole that will need to be filled. “So creating a pressure in 2023 of $10 million and looking forward to 2024, no COVID-related funding programs,” Zegarac explained.
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