Saskatoon property taxes could see 13 per cent hike as city confronts $75M revenue gap
Significant property tax hikes may be needed to cover a funding shortfall, according to City of Saskatoon administration.
In 2024, the city is set to face a $52.4 million funding gap. The next year, in 2025, a $23.2 million revenue gap is projected.
Clae Hack, the city’s chief financial officer, largely attributed the gap to inflation.
“Nobody's happy presenting these numbers. Administration's not happy. We don't expect residents, businesses or city council to be happy with where the numbers are at right now,” Hack told reporters at city hall, in front of a screen projecting the city’s gloomy financial figures.
Hack said “it's pretty unprecedented” for the city to see this high of a funding gap.
“It’s probably close to double where we're typically starting these conversations,” Hack said.
To make up the money, Hack said “everything is on the table” — including raising property taxes and adjusting city service levels.
During the media briefing Wednesday morning, Hack presented a chart showing potential 2024 tax increases and how much money the city would need to slash from its budget to acheive them.
At the lower end of the spectrum, the city would need to find nearly $35.5 million in savings to hold property tax increases to six per cent.
The highest number Hack floated was a 13 per cent increase — which would still require almost $15.7 million in cuts.
“It’s difficult to say where the property tax will end up,” Hack said.
If the revenue gap isn’t confronted, the city would be faced with a 18.56 per cent property tax impact for 2024 and 6.95 per cent the following year.
Hack said administration is “not recommending anything” at this time, but rather simply presenting the numbers.
It will be up to city council to make the tough decisions about how to address the funding shortfall.
Hack used fire trucks as an example of how the city is battling inflationary pressure. A fire truck costs about $1.5M today, but two years ago it was $900,000.
He also pointed to certain projects putting pressure on the budgets — such as a spike to snow clearing costs, extending Saskatoon Transit services and the opening of Recovery Park.
Recovery Park is a waste diversion facility, next to the landfill, that will accept materials such as appliances, construction and demolition waste, and rigid plastics.
Budget meetings with city councillors and committees are scheduled throughout the summer.
CTVNews.ca Top Stories
B.C. tenants evicted for landlord's use after refusing large rent increase to take over neighbouring suite
Ashley Dickey and her mother rented part of the same Coquitlam duplex in three different decades under three different landlords.
Mountain guide dies after falling into a crevasse in Banff National Park
A man who fell into a crevasse while leading a backcountry ski group deep in the Canadian Rockies has died.
Expert warns of food consumption habits amid rising prices
A new survey by Dalhousie University's Agri-Food Analytics Lab asked Canadians about their food consumption habits amid rising prices.
MPP Sarah Jama asked to leave Ontario legislature for wearing keffiyeh
MPP Sarah Jama was asked to leave the Legislative Assembly of Ontario by House Speaker Ted Arnott on Thursday for wearing a keffiyeh, a garment which has been banned at Queen’s Park.
Charlie Woods, son of Tiger, shoots 81 in U.S. Open qualifier
Charlie Woods failed to advance in a U.S. Open local qualifying event Thursday, shooting a 9-over 81 at Legacy Golf & Tennis Club.
Ex-tabloid publisher testifies he scooped up possibly damaging tales to shield his old friend Trump
As Donald Trump was running for president in 2016, his old friend at the National Enquirer was scooping up potentially damaging stories about the candidate and paying out tens of thousands of dollars to keep them from the public eye.
Here's why provinces aren't following Saskatchewan's lead on the carbon tax home heating fight
After Prime Minister Justin Trudeau said the federal government would still send Canada Carbon Rebate cheques to Saskatchewan residents, despite Saskatchewan Premier Scott Moe's decision to stop collecting the carbon tax on natural gas or home heating, questions were raised about whether other provinces would follow suit. CTV News reached out across the country and here's what we found out.
Montreal actress calls Weinstein ruling 'discouraging' but not surprising
A Montreal actress, who has previously detailed incidents she had with disgraced Hollywood producer Harvey Weinstein, says a New York Court of Appeals decision overturning his 2020 rape conviction is 'discouraging' but not surprising.
Caleb Williams, Jayden Daniels and Drake Maye make it four NFL drafts with quarterbacks going 1-3
Caleb Williams is heading to the Windy City, aiming to become the franchise quarterback Chicago has sought for decades.