Mississauga residents will see an increase in their property tax bills after city council passed the 2014 Budget yesterday approving a 2.4% increase on the residential property tax bill.
These are some of the highlights in the official news release from the city of Mississauga
- The 2014 property tax increase will help the City pay for services that residents depend on and enjoy. Key areas of focus this year include increasing transit service, managing the effects of the Emerald Ash Borer and maintaining City infrastructure. The City will also contribute to the Institute of Management and Innovation Complex at the University of Toronto Mississauga.
- City staff identified $7.9 million in savings for 2014 through efficiencies. These savings have ensured the costs to maintain existing service levels remain below the rate of inflation.
- The City’s Gross Operating Budget for 2014 is $672.2 million. The City delivers services like transit, parks, forestry, recreation, roads and storm water management and fire and emergency services through its operating budget.
- The City’s Capital Budget for 2014 is $178 million. The capital plan includes transportation projects like the new Transitway, road and bridge rehabilitation and other infrastructure projects like park facilities and storm drainage.
- A total of 41 per cent of the City’s 2014 Budget is funded through user fees and other revenues. Property taxes fund 59 per cent of the budget.