Council Approves 2024 Tax Rates and Ratios

On Tuesday, May 21, Council approved the 2024 tax rates and ratios for the City of Kenora. The 2024 Capital Budget was approved on November 15, 2023, and the 2024 Operating Budget on January 29, 2024. 

The 2024 approved budget represents a 3.32% increase in the City’s residential municipal tax rate over 2023. The City conducted a Tax Policy Study and in following the recommendations of that study, an adjustment to the tax policy was approved ensuring all property tax classes share equally in year-to-year inflationary levy changes. This forward-looking adjustment will benefit all tax classes by fairly distributing inflationary levy increases in the future. This will also lower risk of big shocks that are associated with reassessment and economic changes. 

The 2024 budgets maintain the City’s established levels of service and inject a substantial investment in hard infrastructure. 

Overall financial highlights of the approved 2024 budgets include:

• $55.6 million in combined operating, capital, and reserve appropriations, broken out as follows:
  • $42 million in operating expenses
  • $1.5 million in reserve appropriations
  • $12.1 million in capital expenses
• Over $31 million in net tax levy requirement generated through property taxes 

Key Capital Investments

• $4.4 million for bridge maintenance – City of Kenora maintains 22 bridges that transport goods, services, and residents throughout the city.
• $3.5 million for paved road network improvements, including $943k for Railway Street realignment and repaving, $798k for Lakeview Drive resurfacing, in addition to Superior Street, and 10th Street projects.
• $1.3 million for hard surface and loose top roads including $798k for Essex Road. 

The Government of Ontario has extended its freeze on province wide reassessment, while it undertakes a comprehensive review, thus property assessments for the 2024 property tax years will continue to be based on the January 1, 2016, assessment values.