The City of Regina has released its proposed budgets for 2023 and 2024.

The first-muti-year budget proposes a tax increase of 4.67 per cent for 2023 and 4.66 per cent for 2024.

The average home valued at $315,000 would mean an increase of $104.64 annually in 2024 and $109.32 in 2024.

The City said the increase is necessary so it can maintain City services at current or enhanced levels and proposes strategic investments to achieve significant community outcomes that will make Regina a more vibrant community, improve safety and well-being for residents, and foster economic prosperity and environmental sustainability.

The City is also proposing a 4.5 per cent utility rate increase in 2023, followed by a 4 per cent increase in 2024.

This will allow the City to maintain City services at current or enhanced levels and proposes strategic investments to achieve significant community outcomes that will make Regina a more vibrant community, improve safety and well-being for residents, and foster economic prosperity and environmental sustainability.

For the average homeowner, this means an annual increase of $87.94 in 2023 and $79.29 in 2024.

The increase would allow the City to fund projects under the City’s five-year general capital plan, which includes $20.6 million for facility upgrades to support City bus electrification, $2.2 million for facility upgrades to advance the Renewable Regina 2050 goal, and $1.7 million annual funding for Community & Social Impact Regina.

The City’s proposed budget will be considered by council on December 15 and 16.