After more than a week of deliberations, Calgary city council has approved next year’s budget with a reduced property tax increase and a slew of new spending initiatives, largely from reserve funds.

Council approved the budget with a 1.64 per cent property tax increase next year, down from the originally proposed 3.6 per cent hike.

City estimates show the increase would cost the typical residential homeowner an additional $4.50 in property taxes, for a total of $9.79 extra per month when combined with a $5.29 monthly increase in waste and recycling fees, as well as water utilities.

The budget as originally proposed would’ve meant an additional $13.11 monthly in property taxes alone.

To reduce the property tax increase, council tapped into $50 million of investment income to help pay fo

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