Niagara Falls is mulling a potential tax hike affecting the upcoming months. The regional council is currently considering the pros and cons of a 2.9-percent tax increase in a consolidated levy budget of CA$409 million. Fallsview Casino Resort and Niagara Casino remain closed to this day and the lack of gambling revenue has begun taking its toll on the local community.
January 21 could be the approval date of the proposed budget for the upcoming months after the regional council made a step forward with its proposed 2021 budget. It comes with a tax increase prompted by the unprecedented situation in the region and its financial side. The ultimate goal of this tax hike would be to cover expenses.
Helen Chamberlain, the Region’s Director of Financial Management and Planning, said that the unprecedented situation has led to substantial expenses that need to be covered, projections are that this could happen with an increase of the tax. For the upcoming year, the money needed could swell to CA$17.8 million, an amount that should be taken care of.
Ms. Chamberlain made appoint that the unprecedented situation has posed a threat to the region. Vaccination rollout is projected to commence in the upcoming months which could eventually lead to the official reopening of brick-and-mortar casino locations in Niagara Falls.
It mandates that 5.25 percent of the first CA$65 million generated by slot machines, as well as some 4 percent of revenue on table games is allocated to the host community of Niagara Falls, Ontario.
The first quarter of 2020/2021 fiscal year coincided with the mid-March 2020 suspension of casino operation and ended up paying nothing to any of the casino host communities.
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