Town Council receives 2023 budget update

With the 2023 budget process underway and Budget Committee meetings set to begin in January, Oakville Town Council received the town’s 2023 Budget Forecast and Direction report at last night’s meeting. In line with Council direction, this report uses a guideline for an overall tax increase for 2023 that is in keeping with the Bank of Canada’s 2023 inflation forecast.

Considering the effects of high inflation, the direction report highlights the need to balance the tax increase impact on residents and businesses against the impact on the town’s financial stability and its essential programs and services.

The Town of Oakville has always aimed to keep the overall tax increase in line with inflation. However, unlike the past decade where inflation has remained quite stable, the current economic and inflation environment makes it difficult to determine what the tax increase should be. As such, town staff will prepare a number of reduction options for consideration, should the 2023 Budget Committee decide to keep the overall increase at less than forecasted inflation.

The 2023 Budget Committee will also need to consider significant pressures on the budget, including global and domestic pressures impacting inflation, recruitment, staffing, and wages, longer-term COVID impacts, economic uncertainty, as well as uncertainty stemming from provincial funding and planning requirements, and resourcing requirements to support programs and services.

Budget Committee meetings will begin January 2023 with final Council approval expected in late February or early March 2023. Key dates for the 2023 budget process will be communicated once finalized.

“For 15 years Oakville’s performance-based budgeting has kept total property tax increases at or below inflation. Our strong finances place our town in a better fiscal situation than most municipalities. Town Council remains committed to keeping Oakville in a strong financial position as we continue to navigate through pandemic recovery while ensuring we remain the most livable and fiscally healthy community in Canada.”

Mayor Rob Burton