City’s proposed budget calls for a 3.9% property tax hike in each of the next 4 years

The City of Edmonton administration is recommending annual property tax increases of 3.9% over each of the next four years in a proposed operating budget for 2023-2026.

The city released the financial plan on Thursday.

If approved, Edmonton homeowners would pay about $718 in property taxes for every $100,000 of their home’s assessed value in 2023, up $27 from this year.

The city’s proposed operating budget for 2023 is $3.2 billion in spending.

The city lists a number of financial pressures on its finances, including wage increases for city staff, debt servicing costs and higher interest rates for new capital projects, fuel prices. energy, higher fuel costs and funding the Edmonton Police Department through an updated formula.

« There is a great deal of uncertainty surrounding the inflation forecast as the pace and extent of the easing of price pressures is unclear, » the budget document said.

The city’s first carbon budget was also released on Thursday.

Edmonton has set targets to reduce greenhouse gas emissions – using 2005 as a baseline – of 35% by 2025, 50% by 2030 and emissions neutral by 2050.

Although the city has undertaken several initiatives to reduce emissions, the carbon budget predicts that the city will miss these targets.

Council will consider the proposed operating budget at a public meeting on November 14th.

The city released its proposed $7.75 billion capital budget two weeks ago.

Public hearings on the capital and operating budgets will take place at City Hall on November 28 and 29 before City Council begins serious deliberation on finances in early December.

More soon.