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Monday, July 9, 2012

A Bleak Assessment From City Finance Commissioner

Cities are dying because of a lack of revenue.........This claim being made by City Finance Commissioner Greg Yeomans who's calling for a better way of funding municipalities because what's in place now isn't working.
Yeomans says cities only receive 8 per cent of the total pot of tax dollars with the federal and provincial governments dividing up the other 92 per cent.

He adds if the energy hub developed the way people had hoped with the prospect of a second oil refinery in Mispec, the city would have received half a million dollars in more tax revenue but would have to spend 1.2 billion dollars to upgrade the infrastructure.
Even with the gas tax money that came back to the city did so with strings attached because it had to be spent, as Yeomans puts it, on "new stuff", not what was already on the ground.