Council sets future path for 2024/2025 Budget, funding gap plan
City Council’s Governance & Priorities Committee (GPC) at its September 13 meeting, referred the remaining budget reports and options to the budget deliberations in November for consideration. After a summer of extensive budget meetings and discussions, the Special Budget Meetings previously set for September 20 and October 18 will no longer be required.
Property tax-supported options as well as various business line, spending and staffing reports will be considered at the final budget deliberations in November as Administration and City Council work diligently to continue to lower the City’s 2024/2025 projected funding gap.
Via Council’s prior Special Budget Meetings held June through August, there remains a total of 58 property tax-funded budget options that were not recommended by Administration and these are yet to be considered by GPC. In addition, there are 10 Utility-supported budget options that remain to be considered.
“City Council will continue to investigate the remaining 68 budget line options at budget deliberations on Nov 28 - 30. In addition to considering the Administrative options, City Council will have the opportunity to bring forward any additional options through the notice of motion process at the September 27 Council meeting or October 11 Governance and Priorities Committee meeting,” says Clae Hack, Chief Financial Officer. “We look forward to continuing to work to find the right balance between the services our residents and businesses expect along with a reasonable property tax.”
During GPC’s previous Special Budget Meetings June 14, July 25, August 15 and August 31, meaningful progress was made to shave the City’s projected funding gap by about $35 million, reduced now to $21.9 million in 2024, and $18.8 million in 2025. It is important to note the funding gap is not a deficit - it represents the projected costs required for the City to deliver civic services in 2024 and 2025 at today’s service levels.
“The 2024/2025 Multi-Year Business Plan & Budget document Council will review in November will have incorporated all budget options tentatively approved up to August 31,” adds Hack. “The starting 2024/2025 property tax rates to be considered by City Council in November are projected to be 7.47% and 5.93% respectively. However, it is important to note there will be several options still available to further reduce the property tax rates over the next two years.”
Council awaits draft budget submissions earlier requested from the Saskatoon Board of Police Commissioners and the Saskatoon Library Board. These will be incorporated into this fall’s budget discussions.
For more information on the 2024/2025 Multi-Year Budget & Business Plan, including answers to frequently asked questions and factual reference charts and graphs, check the 2024/2025 Multi-Year Budget Information Guide or visit Saskatoon.ca/budget.