News release: November 17, 2023
Highlights from Day One of Peel Region's 2024 Budget Presentations
BRAMPTON, ON (November 17, 2023) - Yesterday at Regional Council, the 2024 Corporate Budget Overview was presented, along with the Peel Regional Police Budget.
The 2024 Corporate Budget Overview highlighted some of the challenges Peel is facing as a growing community with increased service demands. Ongoing challenges include heightened inflation, aging infrastructure, the climate emergency and changing legislation.
The proposed 2024 Budget includes investments of $5.9 billion to maintain current service levels for a growing population, while addressing priority community needs. Critical urgent needs being addressed include:
- The housing affordability crisis
- The influx of asylum seekers
- The climate change emergency
- Public health and safety
- Provincial housing targets that require aggressively updated infrastructure targets
To address the challenges being faced, the 2024 Budget also reflects $9.0 million in savings and cost avoidances found through continuous improvement efforts and cost containment measures.
The 2024 Budget proposes an average property tax increase of 4.5%, of which 2.6% is attributed to Peel Regional Police promoting and maintaining the safety and well-being of our community, and a utility rate increase of 6.8%.
Next steps and more information
- Nov. 23, 2023: Presentations for Regionally Controlled Services.
- Nov. 30, 2023: Presentations for Regionally Financed External Organizations including Credit Valley Conservation Authority and Toronto and Region Conservation Authority.
- The Regional Council Budget meeting(s) are open to the public and residents may attend. The meeting will also be live streamed on peelregion.ca.
- The proposed 2024 Regional Operating and Capital Budget is available at peelregion.ca/budget.
About Peel's transition
The Ontario government announced the dissolution of Peel Region and the establishment of a Transition Board (TB) as part of Bill 112. The Transition Board was appointed to provide recommendations to the Minister of Municipal Affairs and Housing on a range of restructuring matters related to the dissolution of Peel Region to make Mississauga, Brampton and Caledon independent municipalities by January 1, 2025.
To learn about the Transition Board, how it will make these recommendations, and to provide feedback to the Ministry of Municipal Affairs and Housing, visit Ontario's Peel Region Transition Board website.
During our transition, Peel remains committed to providing services to residents and businesses. For information about our transition, visit Peel's transition website.
About Peel Region
Peel Region works with residents and partners to create a healthy, safe and connected Community for Life for approximately 1.5 million people and over 200,000 businesses in the cities of Brampton and Mississauga and the Town of Caledon. Peel's services touch the lives of residents every day. For more information about the Region of Peel, explore peelregion.ca and follow us on Twitter @regionofpeel and Instagram @peelregion.ca.