Thunder Bay Tax Forecast Not Accurate
THUNDER BAY – News – Thunder Bay City Manager Tim Commiso states, “I believe the forecasted tax increases are not realistic overall and no where near the actual results we achieved over the past five years where the average tax levy increase has been 3 percent with 1 percent dedicated to infrastructure renewal”.
The City Manager has requested a meeting with the Chamber of Commerce and its consulting team following an initial review of the “Analysis and Forecast of the City of Thunder Bay’s Municipal Finances” report released today by the Chamber.
Tim Commisso in a statement from the city feels strongly the projected tax increase forecasts contained in the report generally are not realistic. Over the last five years, the total property taxes levied by the City have gone up on average three per cent a year, with one per cent of that amount dedicated to infrastructure renewal.
“In 2013, the City also realized real growth in its assessment base [excluding reassessment of existing properties by MPAC] at the highest level seen in many years.
“This real growth in the tax base does not appear to be factored into the projections made in the Chamber report. Given the record levels of building permits issued over the last couple of years, similar growth in the tax base is expected to continue over the next few years.
“Although tax changes can be forecasted based on trends and assumptions, the actual changes in property taxes each year are a complex matter and the product of long-term financial planning, an annual approved budget directions report and detailed budget deliberations by Council. This process for 2014 gets underway over the next few weeks”.
More information can be found at thunderbay.ca/budget.
The City appreciates the Chamber’s focus on City finances and the budget and looks forward to working with them through the 2014 Budget and in future years.