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