Early last month, Peterborough County Council approved the 2025 Budget. While spending rose by 8.4%, the tax rate increase is rising by less than that as the County dips into some reserves to reducing the tax increase experienced by ratepayers to 6.28%. This increase includes a dedicated infrastructure levy of 2.5% which will be allocated for infrastructure needs.
In her budget presentation, the Chief Financial Officer Jennifer Stover presented potential tax rate increase scenarios along a sliding scale that varied with the amount of funding taken from reserves. This showed that a tax levy increase of 8.99% would be required in order to completely eliminate draws to supplement the operating budget. A reduction in the proposed 2.5% dedicated infrastructure levy was not recommended in the budget report. This levy was introduced in 2023 and even then it was described as insufficient to maintain the roads and bridges in good condition.
Not everyone was happy with this conclusion. A motion to consider comments made during the budget deliberations and have the Finance Committee return to Council in January with additional options was defeated by a vote of 9 to 10. Our Council members wanted to see more work to bring the rate down. Seeing no willingness to go back and find more cost savings, the budget passed.
The Finance Committee was asked to find additional operating efficiencies to achieve a minimum of 2% operating efficiencies and report back to Council no later than April 9, 2025. This would impact future budgets. KG