2022/23 Fiscal Framework
A Fiscal Framework is presented annually to Regional Council with recommendations for tax modifications to accommodate changing operational costs, capital investments, as well as debt and reserve changes including funding for current and new strategic initiatives. The framework sets the broad, opening strategy for developing the initial municipal budget.
The 2022/23 Fiscal Framework Update was presented on Friday, Jan. 28. Read the report here.
- What is the annual Fiscal Framework report?
The Fiscal Framework is presented annually to Regional Council with recommendations for tax modifications to accommodate changing operational costs, capital investments, as well as debt and reserve changes including funding for current and new strategic initiatives. It is also reflective of on-going and emerging opportunities and challenges.
The Fiscal Framework sets the broad, opening strategy, a way forward to guide Regional Council deliberations that should result in an approved budget in early April 2022. Detailed discussions, along with public input, will begin in February 2022. This will provide appropriate time for Regional Council to debate and adjust the budget over the coming months, with the final budget expected to be completed on April 12.
- What did the 2022/23 Fiscal Framework report recommend? Why was there an update?
On November 23, 2021, when the 2022/23 Fiscal Framework was presented, the Budget Committee directed that staff prepare a supplemental report, exploring options to reduce the final average property tax bill increase from 5.9 per cent to 3.7 per cent.
On January 28, 2022, staff presented the revised recommendation, 2022/23 Fiscal Framework Update to reduce the increase from 5.9 percent to 4.6 per cent.
Recognizing feedback from Regional Council on the importance of ensuring appropriate investment to advance the objectives of HalifACT, our climate action plan, staff recommended that the proposed Climate Action Tax remain at 3 per cent, while reducing the property tax increase for residential and commercial properties from 2.9 per cent to 1.6 per cent.
Ultimately, the Fiscal Framework is taking the necessary bold steps to shape long-term financial sustainability while ensuring we continue providing municipal services to residents, visitors, and businesses.
- Where can I find the 2022-23 Fiscal Framework report?
The 2022/23 Fiscal Framework Update will be presented on Friday, Jan. 28. Read the report here.