$5.9 billion budget proposed by Peel could come with 4.5% property tax increase ahead of Mississauga and Brampton split

A regional budget of $5.9 billion has been proposed for 2024, expected to be Peel Region’s last year before Mississauga, Brampton and Caledon become separate municipalities.

The proposed budget includes investments of $5.9 billion into community housing, infrastructure, police, paramedics, seniors services, as well as climate change initiatives and social programs related to diversity and inclusion.

To fund these investments, the budget includes a property tax increase of 4.5 per cent, expected to contribute an annual increase to the typical residential property and commercial/industrial property tax bills of $247 and $435 respectively.

Additionally, the average home will see an increase to their utility bill of 21¢ per day (or $78 per year), while the average commercial/industrial property will see an increase of 22¢ per day (or $82 per year), according to the Region.

The budget will go to regional council for approval this month, with council meetings and presentations scheduled for Nov. 16, 23, and 30.

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As Peel Region is expected to be dissolved by the end of 2024, Peel’s Chief Administrative Officer Gary Kent says there’s a question of what place this budget will have in the history of the community.

“Although Peel as we know it will no longer exist, we do not quite yet know what the future holds. What we do know is that the essential services that Peel has provided to this community for nearly 50 years must be delivered, and with the exceptional quality and value for money that this community has come to expect from Peel Region,” said Kent.

Kent says the province’s More Homes Built Faster Act, which accelerated Peel’s 2051 housing targets to 2031, will require immediate investments in planning and infrastructure to “prepare for these aggressive targets” and build over a hundred thousand new housing units.

Chief Financial Officer Davinder Valeri says Peel Region is currently in a “social emergency” owing to the housing affordability crisis, an influx of asylum seekers, the climate change emergency, public health and safety, and the housing targets set by the province.

She says the 2024 budget accounts for these challenges.

“While we are managing with the reality and constraints of the transition, the day-to-day operations of the Region and the delivery of its services remain our priority,” said Valeri.

The first budget deliberations will begin on Thursday, Nov. 16 with opening remarks, an overview of the budget, and a presentation made by Peel Regional Police.

Full details of the proposed budget are available at Peel Region’s website.