A new report from city administrators estimates Saskatoon’s next property tax increase at just below five per cent.
The budget update, set to go to the city’s governance and priorities committee Monday, shows the potential tax increase could land at 4.96 per cent.
“As we’ve said all along, we’re focused on exploring numerous strategies to find savings that will help minimize next year’s property taxes,” city director of finance Clae Hack said in a news release.
A report in May projected a nearly seven per cent property tax increase, and an update last month put the number at 5.59 per cent.
City administrators dropped the most recent estimated number by calling for sound-wall repayment to be extended to 10 years from five, by decreasing money for the capital budget reserve and by projecting more revenue from traffic fines.
The 4.96 per cent increase, which works out to $10.9 million, would be put toward the dedicated snow and ice levy, the police budget, civic services and to mitigate a $6.1 million drop in grants from the province.
“While we continue to face significant challenges as a result of the provincial funding decreases, we’ve heard through our public engagement that it’s very important to maintain our existing service levels through the city,” Hack said.
The total preliminary budget now sits at $491 million — a $13.3 million increase over 2017.
