Wednesday February 5, 2003
Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Wednesday February 5, 2003
Dipping into the Sacred Trust Funds
The idea of dipping into the Hamilton Future Fund to offset a major property tax increase is understandably tempting to some city councillors. But if council keeps the long-term interests of the city in mind, as opposed to a quick fix, it will leave the fund intact and explore more prudent ways to ease this year’s tax bite.
The city is currently wrestling with a projected municipal residential tax increase of 7.2 per cent — well above its 5.8 per cent guideline.
In the end, there may be no alternative to a significant tax hike if services are to remain at a decent level. But we wonder if some councillors are ready to make the tough choice in an election year.
The current environment at City Hall is tailor-made for political expediency. That’s how we view the idea of reducing taxes by using money made available to the city in proceeds from the privatization of Hamilton Hydro. (From a Spectator Editorial)