Budget Committee recap: March 26 meeting

At the March 26 Budget Committee meeting, Council received an update on the City’s 2024 year-end financial position, the current 2025 Budget and the anticipated 2026 Budget process.

2024 financial review

• The 2024 financial year wrapped up with a $3.1 million operating surplus, signalling a return to positive financial standing after four years of deficits. The City has proposed allocating $2.7 million of operating surplus to the Elections Reserve and $0.4 million to the Fiscal Stability Reserve.
• There was a $1.7 million stormwater deficit. This deficit is proposed to be offset by a transfer from the Stormwater Reserve Fund.

2025 Budget recap

• The 2025 Budget was adopted with a 3.3 per cent residential tax increase, representing 37 per cent of the City’s residential tax share.
• Key initiatives included expanding services, free PRESTO fares for seniors (65+) and children 12 and under, expanded winter maintenance, opening Fire Station 124, as well as a flood relief grant and rebates.

Update on the City’s 2026 Budget

Chief Financial Officer and Treasurer, Marisa Chiu, noted key factors that will impact the development of the 2026 Budget, including inflation, tariffs, labour cost changes, Hazel McCallion Line LRT operating costs, and the transfer of waste collection to the City beginning January 1, 2026.

Priorities for 2026 will include tackling housing affordability, city building, and advancing on the City’s strategic vision.

Looking ahead, upcoming Budget Committee meetings are scheduled for June 18 and October 1. View the full schedule of Budget Committee meeting dates.

The proposed 2026 Budget Book will be released in January of next year, allowing for a review of the Region of Peel’s budget before deliberating the City’s budget.

Ward-level information sessions are planned for this November, followed by Service area presentations and a Citywide Budget Information Session in January 2026.

To learn more about the how the City’s budget works, visit mississauga.ca/budget.

View the presentation.
Watch the discussion.

Tags

• Budget and Taxes
• Finance and Revenue