In the next two weeks, council will decide the 2014 budget at several specially scheduled meetings of the Corporate & Community Services Committee, Feb. 11 (capital budget), Feb. 13 (public delegations), and Feb. 20 (discussion and final vote). The starting point for discussions is a staff proposed increase of 4.1%, down slightly from staff’s original […]
Currently, the city (through taxes) pays into the parking reserve fund the equivalent of the parking benefit, based on number of permits in each lot at market value. The city, through taxes, also makes a contribution to the transit fund for the monthly market value of employee passes distributed. Residents are subsidizing city staff parking […]
Without an aggressive strategy of job creation, Burlington residents will see their property taxes spike, services cut or development expand into rural areas.
Here’s why: Providing all of the services required for residents – community services and infrastructure for example – far exceeds the tax revenues collected. By contrast, the “industrial, commercial, institutional” tax class – or “ICI” -pays more than double the residential property tax rate, but only costs a fraction of that to service. There can be as much as an 80% profit on industrial taxes, versus a 40% loss on residential taxes.
A balance between residential and ICI tax revenue is critical to municipal health, yet currently, residential taxes account for 82% of Burlington’s tax revenue, versus 18% from the commercial/industrial sector.
Non residential growth has essentially flatlined in Burlington over the past 15 years, while residential growth has almost tripled. Burlington used to see double digit employment growth; now, 2% annual growth is “optimistic.” When residential growth outpaces economic growth, the city is left with three unpalatable choices: cut services, dramatically increase property taxes, or expand development into the rural area.
Burlington City : Ward 2 News Burlington | Marianne Meed Ward: [...] focus on expanding our Industrial-Commercial-Institutional tax base (as I wrote about recently here. Burlington’s growth has come primarily from…
Priorities in 2013 - Ward 2 News Burlington | Marianne Meed Ward : Ward 2 News Burlington | Marianne Meed Ward: [...] taxpayers, residential tax rates will continue to increase. As I wrote about last month (here), the Burlington Economic Development Corporation…
Joan Turbitt: I see a lot of savings here. It is my suggestion that savings from the employee parking, or the PAC…