REALTORS® serving Calgary and area

Oct. 04, 2015 | Cody Stuart

5 things about Calgary's resilience budget

City council has approved what it's calling a 2016 Resilience Budget. Presented as part of adjustments to its operating budget for 2016-18, the resilience budget which will change what Calgarians will be paying for many City services.

CREB®Now takes a look at some of those changes:

1. $4.90
With a property tax hike originally pegged at 4.7 per cent when the City released its 2015-2018 Action Plan, the subsequent cut to 3.5 per cent will mean the average Calgarian will be shelling out $4.90 more per month rather than $6.75.

2. $18 million
As a result of the cut to property taxes, the City will take in $18 million less next year. To make up the difference without cutting services, the City has used what it's calling a zero-based review program to help business units find savings through service efficiencies.

3. 14 per cent
While Calgarians are in for a 1.2 per cent property tax cut from the proposed 4.7 per cent, the flat rates for water, waste water and drainage combined will increase from $146.07 to $166.55 — a 14 per cent increase year over year.

4. $41 million
Aside from the $18-million reduction in property taxes, the City expects revenue to fall by $41 million next year as a result of decreasing franchise fees from natural gas and electricity prices, as well as slower growth in Calgary's tax base.

5. $3.7 billion
The City's entire operating budget for 2016 is $3.7 billion. Cutting property taxes below the adjusted level of 3.5 per cent would have called for an adjustment of this total, requiring "service implications" according to City staff.

Tagged: budget | Calgary Real Estate News | City Council | Five things | property taxes

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CREB® acknowledges that its office is located, and that its REALTOR® members serve, on the traditional territories of the peoples of the Treaty 7 region and Métis Nation of Alberta, Region 3. We honour and acknowledge the members of the Métis community and specifically, the Métis Nation Region 3. In the spirit of reconciliation and because we are all treaty people, we also acknowledge all Calgarians who make our homes in the traditional Treaty 7 territory of Southern Alberta.

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