Draft 2024 Budget presentation

Peterborough, ON – City Council received for information the City of Peterborough Draft 2024 Budget during its Finance Committee meeting on Monday, November 6, 2023 ahead of a series of public meetings that will be held in November and December before Council considers adopting the 2024 Budget on December 11, 2023.

Draft 2024 Budget information is posted at peterborough.ca/Budget.

A public meeting with a brief presentation on the Draft Budget followed by an opportunity for residents to speak with City staff will be held from 6 p.m. to 7:30 p.m. on Thursday, November 9, 2023 at the McDonnel Street Community Centre, 577 McDonnel St.

There will be an informal drop-in opportunity to speak with City staff and the Finance Committee Chair and Vice-Chair about the Draft 2024 Budget from 4:45 p.m. to 5:45 p.m. on Tuesday, November 14, 2023 in the main foyer of City Hall, 500 George St. N.

A formal meeting of City Council’s Finance Committee will be held starting at 6 p.m. on Tuesday, November 14, 2023 in the Council Chambers at City Hall for Council to hear from registered public delegations on the Draft 2024 Budget.

Visit peterborough.ca/delegations or call 705-742-7777 ext. 1820 to register as a delegation. Registration is open until 11 a.m. on the day of the meeting.

Council will hold a series of Finance Committee meetings that are scheduled for November 20 to 23, 2023 to review, discuss and debate the contents of the Draft 2024 Budget. There are no public delegations during the Finance Committee meetings November 20 to 23. The meetings are open to the public to attend and can be watched live at peterborough.ca/WatchCouncil.

The Draft 2024 Budget outlines the City’s plan for investments in services and infrastructure next year.

The Draft 2024 Budget meets Council’s direction to draft a budget with an all-inclusive rate increase of up to 5.5%, with additional Council approved directions, external organization requests and service delivery enhancements that have been identified by Council as priorities raising the all-inclusive increase to 9.59%.

A 9.59% increase would equal a $13.92-per-month increase for $100,000 of property assessment, or $167.09 for the year.

Factors affecting the 2024 Budget above the baseline 5.5%, which is largely based on inflationary cost increases, include proposed investments in policing, City employee compensation, Transit service improvements, enhancing municipal law enforcement services, changes to snow removal operations, and improving customer service.

The Draft 2024 Budget includes a number of cuts to spending, increase in revenue estimates and use of reserves to reduce operating expenses by $2.5 million, partially offsetting the increases in other areas. The tax requirement for the capital budget was reduced by $11.9 million by delaying projects until future years, reducing investments in capital programs such as sidewalk installations, and the use of reserves.

The Draft 2024 Budget includes $359 million in operating expenses, with $173.9 million from property taxes and the remainder funded by other revenues such as grants from other governments, user fees, and service charges.

On the capital side, the Draft 2024 Budget includes $128.2 million for 147 projects.

The City started the 2024 Budget process in March with community consultation, including a survey and public meetings. Council held Finance Committee meetings in May and June to review information and consider input from the community. In August, Council held meetings to hear detailed breakdowns of budget implications for services and capital projects before setting a guideline for putting together the Draft 2024 Budget.

Upcoming public meetings on the Draft 2024 Budget

• Public meeting, brief presentation and opportunity to ask questions, 6 p.m. to 7:30 p.m., Thursday, November 9, 2023, at McDonnel Street Community Centre, 577 McDonnel St.
• Informal drop-in opportunity, 4:45 p.m. to 5:45 p.m., Tuesday, November 14, in the main foyer, at City Hall, 500 George St. N.
• Finance Committee meeting, registered delegations presenting to Council, starting at 6 p.m., Tuesday, November 14, at City Hall, 500 George St. N.
• Finance Committee meetings, presentations from invited local boards and agencies, no public delegations, Wednesday, November 15, at City Hall, 500 George St. N.
• Finance Committee review, discussion and debate on the Draft 2024 Budget, no public delegations, scheduled for November 20 to 23, 2023, at City Hall, 500 George St. N.
• City Council considers approval of 2024 Budget, registered delegations can present to Council, Monday, December 11, 2023.