NEWS RELEASE

HRM 2009/10 Budget Update

(Tuesday, October 27, 2009) – Halifax Regional Council this evening received an update on the 2009/10 Budget, which was approved on May 26, 2009.

“Although we are faced with a difficult fiscal and economic climate, through solid planning and focused leadership, we are committed to achieving a balanced year end,” said Chief Administrative Officer, Dan English. He stressed that every effort is being made to manage risks in today’s economic climate.

“HRM staff is closely monitoring and attempting to mitigate a number of risks; including a possible drop in Deed Transfer Tax revenue and possible lost revenue due to a downturn in development-related fees in HRM,” said Cathie O’Toole, Chief Financial Officer. Always an area of risk for municipal governments, fuel costs and a severe winter season may adversely impact the 2009/10 Budget.

The budget consists of $570 million net municipal Operating Budget (3.6% increase over 2008/2009) and a gross Capital Budget of $159 million. Halifax Regional Council’s focus on the areas of Transportation, Infrastructure, Public Safety, Community Planning, and Governance and Communications shaped the 2009/10 Budget’s priorities and will continue to shape the future of HRM over the next four years.

Halifax Regional Council will continue to receive regular Budget updates.

For more information on the 2009/10 Budget, visit www.halifax.ca/budget.

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Contact:
Shaune MacKinlay
Manager, Public Affairs
490-6531