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HP OPINION IT SOUNDS LIKE THE PERFECT YEAR TO FUND THE NEEDS’ IT PROMISES TO BE ONE OF THE MOST DIFFICULT BUDGET YEARS IN RECENT MEMORY, WRITES MIKE FARWELL MIKE FARWELL Column It promises to be one of the most difficult budget years any municipality has faced in recent memory, and some councils will have to navigate the choppy eco- nomic waters with a lot of fresh faces. feteran. Waterloo city now into her fifth the Waterloo Chronicle ear- a Lin Pose that "there ‘isions" in the Waterloo eee delib- erat rations ak ahead. in, the chair of Waterloo's budget commit- tee, says "if we're forced to increase taxes by the Con- ant ince is not going to cover, we're literally going to be turning people out of their homes." The CPI is currently running near seven per cent, and “what the prov- ince is not going to cover" is areference to Bill 23, Onta- rio's "More Homes Built Faster" Act. Under that leg- islation, critical develop- nt charges — fees mu- nitpaltos col collects as sneigh: bourh« mes qm eter me sewer i ructure to parks and recreation cen- tres — may be w: Cities will also be re- viewing what projects can be funded using whatever revenue is generated through development charges. As cities continue to seek clarification on Bill 23, they're also advocating for financial support to make up for lost revenues. The legislation itself forces a veteran councillor like Freeman to act nimbly toa fluid situation, to say noth- ing of new councillors who have less i than two months of experit And in in Waterloo, there are four such councillors, including mayor Dorothy McCabe. Traditionally, new coun- cillors come to office with ambitious ideas for the change they'd like to see in eir communities, from expanded cycling networks to paid honorariums for students to shadow council- lors. But McCabe notes the city is looking at “a 35 per cent reduetion i in funds the city we normally ceive Bow he s development industry" which, along with up to three million dol- in increased operating costs, is equivalent to a tax increase of between 7-10 per cent. It's a similar situation a at regional council, nine of the 16 faces are new The bressures, however, re- main the "We may y also be having Metro Creative photo Some councils will have to navigate the choppy economic waters with a lot of fresh faces, writes Mike Farwell. this conversation at the Re- gion," says newly-elected councillor for Kitchener, Colleen James. "The down- side is that what we put off It's not much different from the tough decisions i ing in our own households, as rising inter- est rates and fears of a re- cession are creating uncer- tainty. "Given all this uncer- tainty, taking steps now in order to put yourself in a stronger financial position seems wise on every level," notes Fred Masters, Presi- dent and Founder of Mas- ters Money Management. “Be sure your ‘emergen- cy fund' is topped up. Pay down nondeduetible debt with zeal. If you partner, be sure to ‘talk to your honey about money' on a regular basis. Your fu- ture self will thank you f for taking action fronts | , to get eetion read: It ‘wouldn't be a bad idea for our councils to adopt similar strategy. It sounds like the perfect year to fund the "needs," While deferring the "wants." Columnist Mike Farwell is a broadcaster, MC and advocate. Follow him on Twitter at @farwell_WR, or connect with him via Mike.Farwell@rci.rog- m. Waittioo Strategic Plan 2023-26 Strong, Sustainable, Together The City of Waterloo’s strategic plan identifies the top priorities for the next term of Council, and how we'll work towards accomplishing those goals and objectives. We’re working on the 2023-2026 Strategic Plan, to guide the city in major investments, infrastructure and services, and help us maintain a community- centred approach to how we operate. We know you have a lot of great ideas and thoughts about the future of our community! We want to know your thoughts and more as part of this plan for a strong, sustainable future. Tell us what you’d like us to focus on, and what values should help guide our decision-making. Join us in person or virtually to discuss your vision for Waterloo. * Tuesday, January 31 - 10 to 11:30 a.m. Albert McCormick Community Centre, Community Room Tuesday, January 31 — 7 to 8:30 p.m. RIM Park, Room 207 Wednesday, February 8 — 12 to 1 p.m. Virtual Wednesday, February 8 — 7 to 8 p.m. Virtual Thursday, February 23 - 7 to 8:30 p.m. WMRC Community Pavilion, Meeting Hall Detailed information on these events and an online survey is available at www.engagewr.ca/strategic-waterloo P. 519-886-1550 TTY. 1-866-786-3941 £202 ‘61 Alenuer ‘Aepsiny, | efo]uory ooyezeM | 6 eo 'e[D]UOIYyDOOLeTEM