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Development charges going up to cover projected deficit evelopment charges in the City of DWa(erluu could increase by 40 per cent to cover a projected $28â€"miltion deficit, says chief financial officer Bab Mavin. The move could also cause council to reâ€" open the capital budget in order to make the necessary changes, he said. The current capital budget is based on a 10â€"year projection, but provincial legislation mandates that municipalities must review development charge bylaws on a fiveâ€"year schedule. When the city undertook the review, they found that they were spending a significant amount in the first five years, but not colâ€" Fundraising for the 16th annual Bike and Hike for Heart, one of the biggest charitable events in the region, kicked off last week. Over the past decade and a half, the event has raised $2.5â€"million for heart health in the Waterloo community, said Paul Rooney, president and CEO of Manulife Canada. _ Manulife is éponsoring this year‘s event, which will benefit St. Mary‘s Carâ€" diac Care Centre in Kitchener. _ _ The Bike and Hike has raised funds for St. Mary‘s for the past nine years, contributing $1.3â€"million to the cardiac centre. This year‘s goal is to raise $200,000 for the facility. "This (is) a worldâ€"class facility we‘re so fortunate to have to have right here in our community," Rooney said. "If any of you know someone who has needed the services of the cardiac care centre, you can really appreciate just how lucky we are." The event, which takes place on Sunday, June 1, is important not only because it raises funds for cardiac care, but because it promotes a healthy lifestyle, said Marla Shapiro, the chair of this year‘s Bike and Hike. Kickoff held for Bike and Hike "My message today is to get pumped, get active, gather your family together join me at the Manulife Bike and Hike for Hear," said Shapiro, a wellâ€"known medical doctor and televiâ€" sion personality with CTV‘s Canada For more information, or to make a donation, visit www.manulife.ca. Mercedes Benz Dealer Authorized =___ Specializing In BMW PORSCHE JA FINE AUTOMOBILE BOOY AND PAINT Meticulous Restoration Original Paint Finishes Unsurpassed Collision Repair 15 Centennial Dr. Kitchener 519â€"578â€"2052. ... MhiCth By Grzc MacDonaLp Chronicle Staff By Greg MaCDoOnaLp Chronicle Staff lecting charges until the back five, Mavin said. "Over 10 years we‘re charging enough (to cover the cost}, but that leaves us at a loss after five years," he said. ()ur‘;t;;;\gpomt for the next cycle will be a significant deficit." MEtal. L 5 1 i omsca. Mosih ie inr en oi se The deficit is mainly due to growthâ€"relat ed costs, such as roads, water and sewers. i 'vat;é;:t;fi;;vr-(;j’ens are funded by fees charged to developers who build in the city. 4 . e ie Momn s ris en id t ts I But due to the number of projects and the current 10â€"year payment schedule, a number of projects are being undertaken but not being paid for until years later, Mavin said. ASK YOUR BANK TO REDUCE THE PROFIT T MAKES ON YOUR MORTGAGE The solution is to change the developâ€" ment charge in order to take in the money when it‘s needed, he added. THEN ASK LIBRO THE SAME QUESTION. Libro wants to show you how to reduce the cost of paying for your home â€" even if it means reducing the profit we make on your mortgage. All you have to do is spend a few minutes with a Libro Coach at the branch nearest you. Thousands of dollars in savings â€" for a few minutes of time. Now that‘s liberated banking! That could mean a fiveâ€"year payment schedule that would significantly increase the development charge. "The goal is not to raise development charges, it‘s to recover the costs," Mavin said. "That will have an impact on the charges." One option the city has is to delay some of the big capital projects, but that would hinder growth, Mavin told council in late March. "Delaying projects may delay growth," he said. City staff will consult with local industry to brainstorm options on how best to phase in and implement the increase. RU ocm Be dn uie w "They‘re obviously not overjoyed with the increase, but we‘re looking at different options and avenues to explore," Mavin Ultimately, the matter will be decided by council, he added. A recommendation is slated to come before council at the finance and strategic planning meeting in May. ?In;n;:cfialr Coun. Jan d‘Ailly said he has mixed feelings about reâ€"opening the budget. _ _ "We had a sound â€"year capital budget," he said. â€" WATERLOO CHRONICLE + Wednesday, April 2, "But there are risks with doing most of our spending in the early years with large projects. There‘s a lot of frontâ€"end loading in spending." “u‘:@Hé;é to be able to pay for our capital We have to find a balance here that we haven‘t got yet," he said. "we‘ll find a way to balance it out."