Councillors fear that 2013’s operations budget may put Niagara into a revenue crisis. Despite recent tax increases, the city is faced with a $3.1 million shortfall. To make matters worse, Fallsview Casino’s newest tax assessment is $2.8 million less than previous years. It is no wonder that Niagara’s finances are in an alarming position.
The city will be petitioning for a 50% property assessment reduction but an appeal will take a while to process. In the meantime the city will face a number of challenges finding money in the budget to compensate these recent losses.
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