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Town of Newmarket 2011 Budget Presentation Special Committee of the Whole Budget Meeting

Town of Newmarket 2011 Budget Presentation Special Committee of the Whole Budget Meeting March 7, 2011 Presenter: Mike Mayes Director, Financial Services/Treasurer. Presentation Purpose. Review of 2011 Budget Process Budget Process Recap New for Today Possible Objectives for Today.

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Town of Newmarket 2011 Budget Presentation Special Committee of the Whole Budget Meeting

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  1. Town of Newmarket 2011 Budget Presentation Special Committee of the Whole Budget Meeting March 7, 2011 Presenter: Mike Mayes Director, Financial Services/Treasurer

  2. Presentation Purpose • Review of 2011 Budget Process • Budget Process Recap • New for Today • Possible Objectives for Today

  3. Budget Process Recap • Newmarket Public Library Board • Water and Sewer Rate Groups Budget • Communications Tactics

  4. The Town of Newmarket is Diverse and Complex • 981 full and part-time employees • $110 million budget • 212 km of roads, 290km of watermains, 50 km of trails, 365 hectares of parks • Estimated replacement value of capital assets = $1.1 billion • Servicing a population of 84,351 in 27,350 households • Managing many lines of business on a day-to-day basis

  5. The Town of Newmarket is Competitive • Comparative tax rate – 2010 BMA study • Customer satisfaction • 96% of residents are satisfied living in Newmarket • nearly 80% are satisfied with the services received from the Town • Newmarket is ranked 15th out of 179 Canadian cities and towns and best place to live in York Region

  6. 2011 Budget Priorities • Strive to provide quality programs and services to maintain a high level of community satisfaction. • Provide for the hiring of 20 new Firefighters to meet growth and ensure public safety. • Maintain a responsible and affordable tax levy to respond to current and future needs. • Incorporate carry-over obligations to accommodate growth and new facilities. • Encourage public engagement and consultation in the budget process through enhanced communication efforts.

  7. 2011 Drivers & Challenges

  8. Breakdown of Tax Increase Under Consideration (Preliminary 1st Draft) • CYFS budget has been reviewed by JCC • Library budget Growth and Enhancement items have been reviewed by the Board. Town to update Library budget 8

  9. How our Tax Dollar is Spent Notes: • $113 / month • $1366 / year • 3.24% ($188.24 increase) for residential house assessed @ $328,182

  10. Risk and Impact on Future Years • De-annualization deferring 1.45% tax increase to 2012 • additional fire staff • operating costs for CUSP • other growth-related initiatives • Capital financing is being kept at the 2010 levels • asset replacement fund had not been increased since 2009

  11. Responsible Financing Strategies • Asset Replacement Fund (ARF) • $12 million annually for $1.1 billion in assets • The Town of Newmarket Debt Policy • limit of 10% (currently 6.5%), 85% of which is financed from non-tax sources • Service Pricing Policy • 5-year Forecast • Service Reviews

  12. New for Today • March 1 - CYFS JCC meeting • Revised "All-In" Tax Impact • Accounting and Policy Changes • Questions and issues addressed through Council Information Report • Draft 2011 Capital Budget • Draft 2011 Reserve and Reserve Fund Budget

  13. 2011 Residential Property TaxUnder Consideration • Regional Municipality of York is projecting a tax increase of 1.94%. Tax shifts due to variable assessment growth in the province could lower the increase applicable to Newmarket in 2010 by 0.5%. The Region continues to benefit from uploading to the Province. Last year this has allowed them to reduce their tax increase by 3.3%. • School Board increase is based on historical trends. Tax shifts due to variable assessment growth in the Region could lower the increase applicable to Newmarket in 2010 by 0.24%. • If the 2011 tax shift is the same as in 2010, the all-in tax increase would be 2.17%.

  14. Draft 2011 Capital Budget • New Gross Expenditures = $25.5 million • 2010 capital budget carryovers • Accounting and Policy Changes • Pre-budget approval for capital expenditures

  15. Possible Objectives for Today • Direction on inclusions for the Library • Growth and Enhancement items • Capital projects • Draft Capital Budget • Direction to staff for further information or analysis

  16. Thank you

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