Calgary City Council has approved adjustments to the city's service plans and budgets, focusing on key investments in housing, transit, and public safety. The aim is to balance the need for affordable property tax and water, sewer, and waste and recycling fees with meaningful investments in priority areas. The approved investments include significant funding for affordable housing, transit improvements, Calgary's Mental Health and Addictions Strategy, and the Calgary Fire Department's emergency response capabilities. Additionally, the Council has implemented a three-year plan to rebalance taxes between businesses and homeowners, stimulating economic growth and creating a more diverse local economy.
The approved adjustments to Calgary's service plans and budgets reflect a focus on creating value for the community and improving the quality of life for residents. With significant investments in priority areas such as affordable housing, transit, and public safety, the City Council aims to address the pressing need for housing and enhance community safety. The investments include substantial capital funding, ongoing annual funding, and one-time funding in various areas. By committing to these investments, the Council aims to ensure that every dollar spent has a positive and tangible impact on Calgary's residents and businesses as the city continues to grow.
To address challenges faced by businesses and the local economy, the Council has implemented a three-year plan to rebalance taxes between business owners and homeowners. This plan aims to bring Calgary closer to other major Canadian cities that have a lower tax responsibility for businesses. Each year from 2024 to 2026, 1 percent of the tax responsibility will be shifted from businesses to homeowners. This measure is expected to stimulate economic growth, create jobs, expand the local economy, and provide a stable revenue stream for the City. The Council will also leverage projected positive operating variance, reserves, investment income, and other non-tax sources to partially offset the tax increase.