Hello Ward 8 Neighbours,
On January 25, Hamilton City Council approved the Tax Supported Capital Budget, which will support over $280 million in infrastructure investments this year.
For more details, please continue reading below…
The full City of Hamilton release can be found here.
HAMILTON, ON – Today, Council approved the City of Hamilton’s 2023 Tax Supported Capital Budget. Council’s approval supports $285.7 million in investments in infrastructure projects in 2023.
The approved capital budget represents an increase to the 2023 tax levy of 0.92 per cent or $9.3 million, an increase of approximately $41 on an average household (based on an average assessed value of $382,000).
The City of Hamilton’s 2023 Tax Supported Capital Budget and 10-Year Capital Forecast supports the City’s Strategic Plan and Long-Term Capital Financing Plan.
Strategic objectives of the 2023 Tax Supported Capital Budget include:
- A plan for a phased ten-year strategy to address the infrastructure gap identified in the Transportation Asset Management Plan;
- Funding to address inflation and supply chain impacts on City infrastructure project costs;
- Sustainable investment to support the municipal funding requirements for infrastructure programs from senior levels of government and for incremental debt servicing costs in strategic capital programs;
- Managing the total debt burden for the City of Hamilton at levels that should not negatively impact the City of Hamilton’s AAA credit rating;
- Supporting strategic investments in the 2016-2025 Strategic Plan and other priority areas such as the 10-Year Local Transit Strategy, Affordable Housing and Poverty Reduction Investment Plan, the Solid Waste Management Master Plan, the Transportation Master Plan, Parkland Acquisition and the Climate Change Action Plan;
- Investment in strategic growth initiatives such as the West Harbour Waterfront Strategic Initiatives, Downtown Revitalization, Airport Employment Growth District and Transportation Corridors, including funding for the Waterdown by-pass and Waterdown Road;
- Expansion and renewal of Hamilton Street Railway’s (HSR) fleet through the purchase of 36 new buses – nine to support growth, nine to help meet the City’s multi-modal target of 48 per cent non-single occupant vehicle split by 2031 and 18 to replace those buses nearing end of life;
- Support for the continued redevelopment of the Waterfront, including $6 million for the Artisan Village at West Harbour and $800,000 for Copps Pier Park at Pier 8; and,
- Funding for an electric vehicle (EV) strategy.
Key challenges facing the City in 2023 that will be highlighted in Tax Operating budget presentations include inflation, rising interest rates, COVID-19 response and recovery efforts and additional funding requests related to affordable housing. Additional themes to be highlighted include regulatory requirements, asset management practices and environmental considerations.
In its report released on October 13, 2022, S&P Global Ratings confirmed the City of Hamilton’s raised AAA credit rating and stable outlook, which it has achieved each year since June 2017. The rating agency suggests that Hamilton continues to show characteristics of a resilient economy, including diversification and continues to have liquidity as a key strength.
Members of the public interested in the City’s 2023 budget process can monitor the City’s website for budget-focused GIC meetings, which are streamed via the City’s website, the City’s YouTube channel or via https://cable14.com.
Quick Facts
- The City of Hamilton has more than 8,000 employees who provide high quality, cost conscious public services that contribute to a healthy, safe and prosperous community in a sustainable manner.
- City staff provide 70+ city services daily to City of Hamilton residents, such as parks, recreation, transit, emergency services and waste programs.
- A total of 55 per cent of the property tax collected goes towards municipal services. The remaining 45 per cent goes to boards and agencies, and provincially funded programs such as Public Health Services, long-term care, paramedics, housing, Ontario Works and children’s services.
- The City’s Tax Supported Capital Budget is the long-term plan for the construction or purchase and financing of the City’s capital assets such as infrastructure, land, buildings, machinery and equipment. Forms of funding include grants, development charges, gas tax, reserves, debt and contributions from the operating budget.
Questions or concerns?
If you have any questions or concerns, you can contact our office here.