Council approves the 2023 Revenue Fund Budget

Woodstock – At their regular meeting this evening, Woodstock City Council passed the 2023 Revenue Fund Budget, setting in place funding needed to continue delivering valued programs and services to our growing city.

The approved 2023 Revenue Fund Budget results in a property tax rate increase of 4.32 per cent. This means the average household in Woodstock will see an approximate increase of $145 for the City portion of their property taxes. 

“Budget deliberations are always challenging as we try to strike a balance between keeping increases low and ensuring there is enough funding to support the level of programs and services our community expects,” said Mayor Jerry Acchione. “This year, financial pressures are even greater for many families and Council and staff worked together to come up with a financial plan that was responsible and reasonable.”

The approved budget also includes funding for several new initiatives that will:

• support investment in city assets like increasing the annual contribution to the asphalt resurfacing program and building condition assessment activities,
• increase emergency services for the community with the addition of four additional fire suppression staff, provide additional support for emergency preparedness and add 10 additional police officers to support additional patrols and strategic enforcements,
• enhance services in parks, recreation and communications, and
• support and address the community’s social well-being through a new Mayor’s Task Force and increased funding to accelerate solutions to issues affecting vulnerable populations.

Council received detailed budget information from staff in February and March through two dedicated budget sessions and Council’s regularly scheduled meetings. These meetings were open to the public and recordings can be found on the City’s You Tube channel.

In January, Council approved the 2023 Capital Budget and 2024-2027 Capital Forecast Plan which sets in place funding for the construction and maintenance of assets and infrastructure as well as the purchase of large equipment like vehicles and machinery.

In addition to property taxes, funding for the programs and services offered by the City comes from several sources including funding from other levels of government, user fees for services like transit, recreational programming and facility rentals.

The detailed budget and background information can be found at www.cityofwoodstock.ca/budget

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