Mayoral candidate Catherine McKenney released her financial plan on Oct. 6 detailing funding for her platform.
McKenney’s plan to build a world-class city can be implemented, they said, while maintaining the current 3% approach to property taxes, acknowledging that affordability is key as many people in Ottawa are struggling to make ends meet.
“My financial plan is ambitious and achievable,” McKenney said. “You deserve bold plans for our city with the transparency to show you how we’re going to pay for it. My plan was created by a team of experts and described by former Parliamentary Budget Officer Kevin Page as setting a high standard tax transparency.
The City of Ottawa’s operating and capital budgets for 2022 are $5.1 billion. These budgets have the flexibility to fund the priorities the city needs and deserves. McKenney’s financial plan outlines four sources of flexibility to support new priorities, while costing platform commitments:
- Estimated available balance
- Reserve management
- New partnerships with higher levels of government
- Smart debt to reduce future costs
“In total, over the next term of council, we will borrow $315 million to fund energy efficiency and active transportation infrastructure – which will fund itself through cost savings or foregone future spending,” their campaign said.
McKenney promises to maintain the current 3% approach to property taxes while adding that there will be no cuts to municipal services if he is elected mayor. as they outlined a plan to fund $600 million in campaign pledges over four years.
According to documents released by McKenney’s campaign, their major campaign commitments are $343 million in operating expenses and $315 million in capital projects over a four-year period, while also including $288 million. extra dollars for what they call “reliable and affordable transportation”.
McKenney said if elected mayors, the city would borrow $65 million through green bonds to make city buildings more energy efficient, saying it will “pay for itself in eight years through lower energy costs.” .