Thunder Bay's proposed operating budget for 2025 suggests a 4.5% increase in municipal taxes raised, totaling $241.7 million. This includes both operating and capital budgets, as well as a new assessment growth reserve fund. While tax rates are determined later in the year, assuming growth in the tax base, the actual increase seen by taxpayers will likely be lower. The city is focusing on investing assessment growth revenues to stimulate further economic development.
THUNDER BAY — If council approves the city operating budget as-is, the total increase in municipal taxes raised will be 4.5 per cent.
A 4.5 per cent increase in the taxes collected by the city does not mean tax rates will go up by that amount. Tax rates are determined later in the year and assuming there is any growth in the tax base, the increase seen by tax payers will be lower. There were two components to council’s direction in drafting this year's budget, said Greaves. A 3.8 per cent cap on municipal spending increases and the creation of a new assessment growth reserve fund.
“The direction that administration has recommended to council and council supported through the budget mandate is that we need to start investing in growth and we need the growth revenues to help us fund various initiatives and growth-related activities in the city so that we can generate more growth."
The city is not including the assessment growth revenue and the activities it will fund in calculating its 3.7 per cent increase in the operating budget increase because it is new and does not relate to existing city services, said Greaves.
TAXES BUDGET ASSESSMENT GROWTH CITY SERVICES ECONOMIC DEVELOPMENT
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