
For Immediate Release / December 17, 2024
Council Approves 2025 Budget
At the December 17, 2024, Council meeting, the City’s 2025-27 Financial Plan and 2025 Budget were approved, following the budget deliberation process. This includes the 2025 Municipal and Utility Operating and Capital budgets.
The approved 2025 Budget includes a property tax increase of 3.6 per cent or an increase of $31 per year, per $100,000 assessed property value. The average utility rate will increase 7.2 per cent or $11.27 per month compared to last year. The budget highlights are as follows:
Municipal Budget – The approved Municipal Budget of $216.1 million with a tax levy of $141.6 million results in a property tax increase of $31 per year, per $100,000 assessed property value or 3.6 per cent. For 2025, the municipal capital investment plan includes:
- 15 new operating budget requests with no impact to taxes. These requests address the needs in some of the key service areas, maintain service delivery, and support projects that advance Council’s priority areas, and are funded through new growth in the community.
- One operating budget request funded from reserve to support the 2025 Municipal Election.
- 26 municipal capital charters focusing on repairing, maintaining, or replacing existing infrastructure.
- 15 capital charters that address community growth.
Utility Budget – Utility rates for 2025 were approved with an increase of $11.27 per month or 7.2 per cent higher than in 2024. For 2025, the utility capital plan investment includes:
- Eight capital projects, focusing on repairing, maintaining and/or replacing existing utility infrastructure.
- One capital charter that addresses community growth.
“Our Council’s goal was to maintain the valued services and service levels that our growing community of 72,316 residents depend on daily,” says Mayor Cathy Heron. “In light of increasing costs and inflation, as a Council and Administration we considered resident feedback and worked towards shared goals when balancing the challenges, opportunities and community needs that is reflected in the approved 2025 budget.”
The actual tax rate will not be finalized until May 2025 after the assessment roll is completed. For more information on the approved 2025-27 Financial Plan and 2025 Budget and Budget Overview video, visit the City’s 2025 Budget web page.
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Last edited: December 17, 2024