
Rethinking the Budget: Exploring Alternative Revenue Streams for Peterborough
Councils in Peterborough are working hard to get tax rates down, but are they looking at the problem from the right angle? The Peterborough Examiner recently reported that the council is setting its sights on a 7% tax hike for the next year. This raises the question: does this increase match the annual inflation rate?
According to Dr. Google, the annual inflation rate in Canada was 3.9%. This begs the question: where are the extra costs coming from? Does it really matter if the tax hike exceeds the inflation rate?
In an effort to address the budget concerns, the council is asking the police, the public health unit, and the City/County paramedics to find efficiencies. Additionally, cuts to the arts, public services like snow clearing of sidewalks, and the cleaning of public facilities are all being considered.
However, this approach raises another question: is it possible to change the problem from a spending problem to a revenue problem?
Instead of concentrating solely on cutting, can the city seriously look for new sources of revenue? The addition of the casino to the city certainly helps, but there may be other untapped opportunities.
Peterborough has some business-minded people on the city council, and many business-minded citizens. If they put their heads together, they might be able to come up with innovative ideas for generating revenue.
The key is to shift the mindset from a focus on cutting to a focus on generating revenue. If the city can get everyone on board with the idea of exploring new revenue streams, it may be easier to find solutions that work for everyone.
Once the city has identified potential revenue sources, they can then turn their attention to how much they can cut. This approach may be more effective than starting with the cuts and then trying to figure out how to make up the difference.
Peterborough is facing a budget challenge, but there may be alternative solutions beyond just cutting services and raising taxes. By exploring new revenue streams and shifting the mindset from a spending problem to a revenue problem, the city may be able to find a more sustainable and equitable solution.
The business-minded people on the city council and in the community have the potential to come up with innovative ideas that could benefit the entire city. It’s time to think outside the box and explore new possibilities for generating revenue and addressing the budget concerns.
