The finance and corporate services committee will vote Sept. 5 on the directions to staff for developing the 2024 operating and capital budgets
. As part of the budget development process approved by the new Council last December, a specific direction is required from elected officials for a tax target to guide staff in developing the operating and capital budgets for the new year.
The Ottawa Police Service levy and the Transit Service levy would each increase by no more than 2.5 per cent. The report says several service reviews have been conducted at Ottawa City Hall this year to ensure "efficiencies were identified," including the Facility Use Optimization Review, the Fleet Optimization Review and a Revenue Opportunities Review.
The 2.5 per cent hike in property taxes, along with a projected assessment growth of 1.5 per cent in 2024, would generate $81.3 million in new funding to support city services. Staff say the city would receive $49.3 million in new revenue, transit would see an additional $15 million, Ottawa police would receive $13.375 million in new funding, while the Ottawa Public Library would get $2.370 million.
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