Bill 23 could cost Waterloo $30M over next five years
"Waterloo city councillors were a given a major task in their first work meeting.
They have offically given the green light on large spending commitments to be included in the 2023 budget for badly needed updates to the city's infrastructure.
Spending includes well over $1 million to go towards projects related to fire rescue services, nearly $200,000 being spent on sidewalks and trails related to the light rail transit system and just over $900,000 commited to large scale capital projects.
Cassandra Pacey, manager of asset management with the city, told council that the city is investing $324,000,000 into city assets, but it's still not enough.
"Analysis completed this year," said Pacey. "has determined that the annual infrastructure funding gap has increased by 14 million dollars to 34 million."
Pacey also warned city council that just over 35 per cent of tax based funded assests are deteriorating, and over the next 25 years, it will increase to 75 per cent.
After Council approved those projects to be included into the 2023 budget, the topic of Bill 23 was brought up by Ward 2 Councillor Royce Bodally..... "