City revenues decline

Like business, municipal governments are being hit by the economic downturn.  Our revenues are down significantly primarily as a result of the downturn in the economy.

The revenue impacts are being experienced in various budget areas and are estimated at over $8 million lower in 2010.   

  • Interest Revenues decline  – $1.6 million 
  • Lower prices on recycling materials – $1.1 million
  • Reduction transit revenues  – $  .7 million
  • Reduction in transit gas tax revenues – $  .4 million
  • Reduction in assessment revenues  – $2.5 million
  • Lower POA revenues – $  .5 million
  • Removal of Rate Stabilization Fund – $1.3 million (due to no surplus in 2009)

This does not reflect the further revenue decreases being seen in other user pay budget areas such as Building Services and Water budgets.

It would be unacceptable for the magnitude of this impact be passed on to the taxpayer in good economic times.  It is unthinkable in bad economic times.

Through the budget process this fall, Council is prepared to make tough decisions to ensure our taxpayers are protected, the city is strong, and our AA credit rating is maintained

About Karen Farbridge

An unwavering change maker seeking a just, democratic and sustainable world.

View all posts by Karen Farbridge

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