Edmonton might see property tax increase based on Spring operating budget
Posted April 11, 2024 2:21 pm.
Last Updated April 11, 2024 2:32 pm.
The City of Edmonton released its Spring operating budget adjustment report Thursday.
The report suggests Edmontonians might see an 8.7 per cent tax increase in 2024, due to increasing cost pressures and to try and meet services outlined in the 2023-2026 budget.
“Since Council last discussed the 2024 budget last fall, we have encountered higher WCB premiums and we have a better understanding of longer term labour costs,” said Stacey Padbury, the City’s Chief Financial Officer and Deputy City Manager of Financial and Corporate Services.
“In order to keep our financial status strong and maintain services we need to fund these pressures through increased property taxes.”
Edmonton was already expected to see a tax increase, which was approved in November 2023, however, the new report says this will add and additional 2.1 per cent.
The City says the recommended budget adjustments will go to maintaining funding for its 70 services, and to allow room to deliver on service increases in areas such as the new Metro Line LRT, more bus service hours, expanding library service at Heritage Valley, and advancing the work on Edmonton’s Anti-Racism Strategy and Truth and Reconciliation.
2024-2026 Operating Budget Changes
“We know households and businesses are experiencing higher costs than they were just a few years ago, including for utilities, fuel, insurance and employee salaries. We’re feeling those same pressures at the City,” said Padbury.
“During the pandemic, the City kept tax increases below inflation to support Edmontonians, but now we need to catch up with rising costs. We’ve reached a point where we need to make choices between increasing taxes or reducing service levels to ensure that the City remains in its current fiscally sustainable position.”
The City says the report will be discussed in City Hall on April 23 and 24. Bylaws to set the tax rates based on approved tax increases will happen on Apr. 30. Lastly tax notices will be mailed on May 24, with property taxes due on June 30.
