Comment 82770

By Mal (anonymous) | Posted November 12, 2012 at 15:22:58 in reply to Comment 82767

As I suspected. So at best we're looking at a break even: 10% revenue gain offsetting 10% loss. We could be looking at a 15% loss and a 5% gain or none at all. Possibly $660,000 of that baseline $4,400,000 vaporized. Because the OLG drip has been going into general revenue, the city has grown dependent upon it, so it's touted as a matter of fiscal responsibility ("zero tax increase" being a city-building vision of limited ambition, but whatever).

While $4.4m isn't chicken feed, it remains to be seen how the loss of slots revenue, in whole or in part, would impact taxes. The recent vote to hold the line on anti-poverty supports is the only recent measure I can think of that gives you a sense of proportion: $5.15 million in bridge funding from the city equated to 1 per cent tax hike, roughly $30 per household.

http://metronews.ca/news/hamilton/426288/council-considers-tax-hike-to-cover-welfare-benefits-cuts

I'm confident that council will twist this into the worst possible baloon animal.

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