Buckle up, it could be an interesting ride for Chatham-Kent, as they prepare the 2023 municipal budget next month.
Chatham-Kent’s chief financial officer Gord Quinton gave a preview of the budget to council on Monday night, and he admits that with inflation running at close to eight percent for the year, it will have a huge impact on the budget.
“With rising costs on everything we buy, we know this will be a tough budget,” Quinton told council.
Quinton said many municipalities in Ontario are looking at over a five percent increase in property taxes in the upcoming year.
It’s to be seen whether the inflationary pressures, as well as pressure from taxpayers, will result in tough choices for councillors leading to the closing of recreational facilities such as arenas and pools, or a massive reduction of services.
Another issue is that the province will provide Chatham-Kent with almost $900,000 less in funding than last year. Quinton said the province is providing less funding because the municipality is doing well. Chatham-Kent has experienced recent income and population growth. Chatham-Kent also has a low unemployment rate.
“Our growth plan is working,” Quinton said, “The evidence was in the assessment growth.”
