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COUNCIL FINAL BUDGET APPROVAL SCHEDULED FOR FEB. 13 Continued from page 3 offset the cost of new facil- ities and services. “That's a 35 per cent re- duction in funds the city pould normally receive vided and the city will cov- er the cost of public trans- portation. "There are a wide num- ber of concerns that we ul- timately have with respect et the legislation, ia said a m the dastene stated Mayor Do. rothy McCabe, in an open letter to residents prior to hristmas. "In addition, we will see an increase of $2 million to $3 million per year in “operating costs. Combined, these financial losses are equivalent to a 7 to 10 per cent tax increase.” Citizens are encouraged to participate i in budget dis- cussions, beginning with a hybrid presentation at the Waterloo Memorial Ri ation Complex on Jan. 70, from 6:30 to 8 p.m. Pre-reg- istration is required by Jan. 5 to participate virtu- ally or in person. Free on- site child care will be pro- e planning responsibili- ties to lower-tier munici- palities that will require faster approvals and con- sultation, resulting in the need for up to eight addi- tional full-time planning staff. "There will be hard deci- sions," according to budget chair and veteran council- lor Diane Freeman who noted challenges related to as_evi- denced ‘by en risesinall inflationary indices over the past 12 months, with the most current Consum- er Price Index nearing sev- en per cent and the non- residential construction price index at about 15 per cent, affecting many of the city's construction tenders. EE pressure housing now — if we're forced to increase taxes by the CPI and make up what the province is not going to cover, we're literally going to be turning people out of thelr homes," Freeman sai re part of the capital re- view meeting with council Scheduled for Feb. 6, staff potential project deforma ‘0 help manage the financial impacts of Bill 23 that will affect both revenue that ‘can be collect- ed fro development charges a8 well as the pro: jects that can be funded by them, noted Julie Koppes- listed in the capital fore- cast for 2023, budgeted at City of Waterloo council chamber. $113 million; 103 of them in- clude development charge funding, with a total value of $29.2 million. Even without the prov- ince's Bill 23, the city's de- velopment charge reserve fund was projected to go in- to a negative balance in 2025. Project timing, scope, costs and inflation have al- so shifted cost recovery Bill Jackson/Metroland and returning to a positive balance isn't forecasted un- main driver is the Bea- ver Creek Road/Conserva- tion Drive reconstruction project to accommodate de- velopment on the west side of Waterloo, though the timing hasn't been deter- mined: for various reasons. city eventually | ejojuoiya cover | 2 needs to be ready when de- velopers are, Koppeser 3 said, but it might have to § consider other ways to pay & s for sel rvicing. Filipa Reynolds, the 2 Py pacts of Bill ot won't “tbe felt 8 S$ immediately but that the 8 city still needs to think Jong -term. laying some projects could have a reverse effect on homes getting built fas- ter because | a rvicing needs to happen — like a chicken-and- oes scenario, she added. Council will need to weigh priorities, Reynolds sald. Final budget approval is scheduled for Feb. 13. STORY BEHIND THE STORY: The city's budget consultations begin in early 2023. WATERLOO REGION SAVE 64% OFF FRIDAY AND SATURDAY HOME DELIVERY NOW JUST $ 75 A WEEK FOR 52 WEEKS! WATERLOO REGION WATERLOO REGION RECORD ‘Hard de Sa tein SUBSCRIBE AT: wroffer.ca/deal/CNWRLOW OR CALL: 1-800-210-5210 and quote code CNWR LOW HAWKS GROUNDED Pause new sy “Plus HST. S: therecord.com. The New York 15, 2023. eo 'e[D]UOIYDOOLETEM