City of Vaughan eyes 3% property tax increase for 2024, plans major investment in infrastructure

Yorkregion.com
Dec. 11, 2023
Brian Capitao

The City of Vaughan's draft budget is proposing a three per cent property tax increase for 2024.

The budget largely remains status quo with an operating budget for 2024 of $377.4 million in gross expenditures. The largest increase will be seen in water bills, as residents can expect an increase in water and wastewater and stormwater charges.

The water and wastewater rate charge budget for 2024 is $200.9 million in gross expenditures. The combined increase rate will be 3.9 per cent. These fees help pay for the repair and maintenance of infrastructure.

Vaughan’s stormwater is getting the most significant increase, with an 9.5 per cent increase for the year. This was higher than the previously projected 5.2 per cent increase, as previously reported by Yorkregion.com.

According to this year’s city budget “future replacement typically costs more than the original investment.” In the next year, a stormwater study will be conducted to see if any changes need to be made.

Property taxes for Vaughan remain among the lowest in the GTA, especially for a municipality of its size. They have been below or at about three per cent for the last 15 years. However, as members of council in the budget meeting on Nov. 28 discussed, with the impact of Bill 23, this benchmark may no longer be possible in years to come.

As for the capital budget, the city plans to make $216 million in expenditures for 2024. And the capital budget plan for 2025-26 is a forecasted at $386.8 million.

The City of Vaughan is undertaking ambitious investments in infrastructure. A large portion of the capital budget is to be allocated to a pedestrian and cycling infrastructure implementation program, to the tune of $81.7 million over the course of five years. It will also include $57.3 million for North Maple Regional Park Development and $43.4 million for water main replacement and road reconstruction.

Meanwhile, 38 per cent of $34.8 million in expenditures in the capital budget for 2024 will go to water and wastewater infrastructure. The rising cost of infrastructure comes from an increase in labour costs.

Forty-seven per cent of the funding for 2024 capital Budget came from development charges. While infrastructure reserves accounted for 23 per cent making up the bulk of the capital budget.

The city's 2024 budget will next be considered at a special council meeting at 7 p.m. on Dec. 12. For a more comprehensive look at the municipal budget, you can view it here.