Edmonton mayor Amarjeet Sohi announcing a list of amendments for the upcoming budget adjustment discussions, set to begin Monday, at city hall.
One of the mayor’s priorities he says is to reduce the property tax rate for 2025 by at least 2 per cent.
Sohi published a letter to city council, on Thursday, with five key priorities for the upcoming budget, including a plan to lower the tax levy.
“If Sohi is talking about reducing property taxes by 2 per cent that’s good for the individual homeowner. But more and more corporations are buying up private residences and renting them out, so the low-and middle-income people are suffering because the housing process are out of reach of the average 20 to 25 dollar/hour employee,” said one local.
Sohi’s budget adjustments would also cut the neighbourhood renewal program by $15 million and shuffle utility and franchise fees to help replenish the city’s financial stabilization reserve, known as the city’s “rainy-day fund.
The current city budget was set in 2022.
City administration says it’s no longer enough due to population growth and rising cost of living.
Sohi says his proposed changes would also allocate more money towards cleaning the city’s core and business areas, attracting industrial businesses and supporting the ride-transit program for low-income residents.
“There has been for decades now problems associated with the low- and middle-income people not getting the services that they require. Unfortunately, that’s impacting homelessness, excessive use of food banks,” said another local.
Sohi will submit his plan to city council on Monday, for the start of deliberations for 2025 budget adjustments.