Fontana is considering a new tax for economic development. Its unclear exactly how this would impact taxes, I suppose if they were able to cut the existing budget enough they could use the extra cash for this, but it would likely require an increase in property tax.
Now I'm not opposed to the idea of funding development but I'm just shocked that Joe could be considering back out on his key campaign promise so quickly.
Typical of politics. However I heard on AM980 this morning that Kitchener (or maybe it was all of Waterloo Region) had a similar tax levied back in 2002.
From a strictly technical point of view, Fontana said he would freeze property & water/sewer taxes. I don't believe he made any pledge regarding new taxes
From that promise one would assume it wouldn't include new taxes to make up the difference. But I guess Joe looked at the books and decided otherwise and make us think twice before assuming again. A very typical Liberal move!
From what I hear he has a bloc of 8 councilors that are on-board with him and his agenda soo looks like well be seeing his economic development soon.
Last edited by Pimpmasterdac; Dec 16, 2010 at 9:45 PM.
Typical of politics. However I heard on AM980 this morning that Kitchener (or maybe it was all of Waterloo Region) had a similar tax levied back in 2002.
Yeah they mentioned that in the article I was reading in the Free Press. In Kitchener its something like 1% of your property tax and they have raised over 100 million for the fund.
The article said there was no opposition to the idea on council. When Joe was pressed for where the money would come from for the fund he said that initially it wouldn't require a tax increase that instead they would look to sell city assets to raise the cash. Unfortunately London will not get special taxing powers like Toronto so if this proceeds it will eventually come out of our property taxes.
London's CAO is Jeff Fielding. Very good at what he does and London is lucky to have him. Prior to working at the City of London, he was CAO for the City of Kitchener. While he was there, he and others developed Kitchener's economic development fund system - and then convinced the council of the day to authorize the plan. I think everyone can connect the dots here with what's going on with such a proposal in London right now. The fact that the LFP didn't pick up on this is representative of the poor quality of journalism seen in newspapers these days.
Kitchener's scheme is funded through a special levy of a little over 1% of the overall annual property tax intake - and is tacked on top of the existing tax increase. It is not part of the nominal tax intake, goes straight into the economic development fund, and the fund cannot support anything other that economic development projects approved by council. It's a war chest.
Anne Marie DeC-B was pretty critical of his idea. She will not go quietly into that good night.
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The whole problem with the world is that fools and fanatics are always so certain of themselves, and wiser people so full of doubts. (Bertrand Russell)
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The whole problem with the world is that fools and fanatics are always so certain of themselves, and wiser people so full of doubts. (Bertrand Russell)
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