OLG funds used to cover Falls budget shortfall
From Niagara This Week:
Not wanting to stick ratepayers with a potential $62 increase on their tax bills, councillors decided Tuesday to take a $2.9-million shortfall in revenues by taking the money from the City’s OLG reserve fund.
The shortfall came about after the Region reversed its tax policy to create a separate primarily for tax levies on the city’s two casinos, primarily the large Niagara Fallsview Casino Resort. The Region made the decision based on a provincial re-assessment of the value of the property. The re-assessment is currently under appeal.
“I don’t think it would be fair or realistic to say to taxpayers, we’re getting over $20 million from the OLG and now we’re going to raise your taxes.”
Mayor Jim Diodati called the situation a “frustrating” one.