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2019 BUDGET SUMMARY

Explore the detailed process of preparing the municipal budget, including revenue estimates, operating requests, budget scenarios, and capital funding summaries.

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2019 BUDGET SUMMARY

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  1. 2019 BUDGET SUMMARY March 12, 2019

  2. Budget Process • Each department submits core, supplemental and capital requests • Finance prepares preliminary figures regarding the additional tax revenue required to balance the budget • Senior staff meet to deliberate and agree on potential budget reductions to achieve varying levels of tax increases • consider available staff and time resources • ability to defer items • prioritization of all requests

  3. OPERATING

  4. Creation of Scenarios • Anticipated revenue calculated based on range of percentages • Property tax revenue estimated based on Completed Roll assessed values (Increase of $378M or >10.6%) • PILT revenue based on assessed value figures provided by Public Works Canada (Increase of $47M or 4.5%) • Calculations could change slightly once final assessed values produced (March 31) or if items are added/removed from Financial Plan

  5. Revenue Increase

  6. Fiscal Challenges

  7. Operating Requests • Total Core Expenditure Increase= $121,168 (0.60% increase) • Excluding wage increases and EHT impact • Total Supplementals = $1,470,166 • Previously Approved = $34,621 • Discretionary = $1,435,545

  8. Scenario #1 – Budget Target @ 1%

  9. Scenario #2 – Budget Target @ 2%

  10. Scenario #3 – Budget Target @ 3%

  11. Budget Reductions @ 3%

  12. Scenario #4 – Budget Target @ 4%

  13. Budget Reductions @ 4%

  14. Scenario #5 – Budget Target @ 5%

  15. Budget Reductions @ 5%

  16. MUNICIPAL COMPARISONS

  17. MUNICIPAL COMPARISONS

  18. CAPITAL

  19. CAPITAL REQUESTS – FUNDING SUMMARY

  20. CAPITAL REQUESTS – DEFERRED

  21. Council Direction Alternatives: • Direct staff to present tax rate calculations based on a recommended tax rate increase scenario • Revise recommended scenarios and direct staff to present tax rate calculations based on amended scenario • Direct staff to present additional tax revenue increase scenarios

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