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This is
One Reason Why They Didn't Vote for the 2022 Budget
Historically High
Tax Increases!
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City
Council |
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Historically Approved
Large Annual Tax Increases at Twice the Rate of Inflation
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Owen Sound Taxes increased by $8.4 million, or 38% from
2011 to 2020. During the same period inflation increased by only 18.3%.
In other words Owen Sound Taxes have been increasing at more than twice
the rate of inflation. At the same time Owen Sound's population contracted by
nearly 1% from 21,753 in 2001 to 21,612 in 2021. This means that
the cost to the taxpayer to run the city steadily grew while the
population declined. In fact in 2011 total city expenses were $40
million when the population was 21,668 and in 2022 expenses were $55.5
million when the population was slightly smaller at 21,612. So it
cost $15.5 million more today to run a smaller city than it did in 2011.
That's a 38.7% increase in expenses to run the city with virtually the
same population. Again expenses are growing at more that twice the rate
of inflation. |
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If, in 2011,
Council had directed that all future tax increases be limited to inflation,
then revenue from taxation in 2020 would have been $26,155.388 or $4.3
million less than what actually occurred. If inflation continues at the same
rate and if tax increases had been capped at CPI in 2011, then taxes would
reach $29,948,668 by 2028 which is actually $2.5 million less than what they
are today.
The bottom line is that
there is no valid reason for Council to approve annual tax increases that are
greater than inflation - yet they have been doing it for years.
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