The Town of Newmarket is bracing itself for what could be the “most challenging budget” it has had thus far.
Treasurer Mike Mayes told council April 29 that with inflation still creating a challenging financial outlook, it could be hard to keep pace and also keep a tax increase at their goal of below three per cent, as well as 10 per cent below the GTA average in taxes, in 2025. Staff projects a 3.5 per cent tax increase would be needed to keep pace with inflation.
Despite the challenges, Councillor Christina Bisanz said that she hopes they can keep to the three per cent.
“It’s always tough, and there’s always some external factors outside of our control that impact us,” she said.
The tax increase in 2024 was 3.99 per cent and, in 2023, it was 5.5.
But other GTA municipalities have similarly had higher increases than usual, and Newmarket has kept to its target of 10 per cent below the GTA average.
“That’s very important for the public and everyone to understand,” Councillor Bob Kwapis said. “We’re ensuring that we’re being as competitive and well-balanced as possible, (while) still providing the services and the service levels that we need to.”
The municipality plans to work on the 2025 budget in the months to come, and will start public engagement with advertising, presence at community events and budget-themed surveying.
Newmarket Mayor John Taylor said you do not want to be the municipality with the highest or lowest tax increase in the GTA. He added that reserves are growing healthily to ensure the town has the dollars for big infrastructure projects.
“We’re in good fiscal shape,” he said, with reserves growing from about $80 million to $180 million between 2016 and 2022.
The town projects to finalize the budget Dec. 9. A preliminary draft budget is scheduled to come to council Sept. 30.
