City has a $3.1 million operation surplus, which will go to reserve funds. After four years of straight deficits, Mississauga is back in the black. At the March 26 Budget Committee meeting, Marisa Chiu, the city’s Chief Financial Officer and Treasurer, declared a $3.1 million operating budget surplus for 2024.
That money will be mostly put toward the Election Reserve fund, with the remainder going to the Fiscal Responsibility Reserve Fund.
This year’s budget comes with a 3.3% tax increase. Mississauga residents can also expect to see Miway transit expansion, free Presto fares for seniors and children, the opening of Fire Station 124, additional staffing for law enforcement and animal services, vacuum leaf collection and enhanced winter maintenance, and flood relief grants and prevention programs.
As Council turns its attention to next year’s budget, it will have to grapple with the impact of tariffs, inflation, labour costs, the status of the Hazel McCallion Line and the downloading of waste collection from Peel Region to the city.
That said, Chiu told the committee that the city will continue to move forward with the strategic vision, deliver core services, focus on priorities such as housing affordability, and look for cost containment strategies to keep costs down and lower taxes.
