Waterloo Region residents will see a 6.9% tax increase next year

The Region of Waterloo approved its 2024 budget at Wednesday night’s council meeting. Despite an earlier motion, council decided against a $1.5 million cut to police services.

The Region of Waterloo approved its 2024 budget at Wednesday night’s council meeting.

The operating and capital budget, which includes costs for the Waterloo Regional Police Service, totals $2.1 billion.

“Like other municipalities, we are grappling with high inflation, interest rates and the pressures of growth,” Michael Harris, the chair of the Administration and Finance Committee, said in a media release. “This budget balances the needs of our growing community in a fiscally responsible way as we navigate the pressure of that growth on services and costs.”

According to the region, residents will see a 6.9 per cent tax increase in 2024. That means the average household will pay $165 more next year (or $13.76 per month).

The region said the budget includes investments for their community priorities:

The region decided to double its funding for the Food Bank of Waterloo Region in 2024, from $744,000 to $1.5 million. The organization asked for more aid due to increased demand in the community. The decision from council was unanimous.

“This budget process was far different than last year’s,” said regional chair Karen Redman at the meeting. “What we had was a result of a unanimously supported budget on behalf of the Region of Waterloo and that’s no small feat given our balancing of priorities, our competing needs and the fiscal realities.”