Even a tax increase of 22 per cent this year and 58 per cent over the next three years wouldn’t be enough to deal with all of Woolwich’s financial woes. But that scenario is unlikely to pass muster as councillors this week got an early jump on preparing the 2026 budget.
Director of finance Colm Lynn presented three potential options as council looked at budget priorities Tuesday night.
The first involves a 3.53 per cent tax increase just to meet next year’s base line spending. Spending would increase by 5.3 per cent, largely on salaries and benefits, along with the likes of debt costs. Subtracting assessment growth predicted to be 2.6 per cent leaves a tax increase of about 3.5 per cent.
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