REQUEST FOR DECISION
DATE: April 13, 2016 Report No. FIN-16-005
TO: Laurie Hurst, Chief Administrative Officer
FROM: Ian Irvine, Director of Financial Services
SUBJECT:
Title
2016 Financial Plan and Tax Rates Bylaws
End
RECOMMENDATION:
Recommendation
That Financial Plan Bylaw, 2016, No. 2871 and Tax Rates Bylaw, 2016, No. 2872 be given 1st, 2nd and 3rd reading.
Body
RELEVANT POLICY:
As required by the Community Charter, the Financial Plan and Tax Rates must be adopted annually, by bylaw, prior to May 15th each year.
STRATEGIC RELEVANCE:
The Financial Plan and Tax Rates establish the service levels and revenue required by the Township to provide these services.
BACKGROUND:
The attached summary Financial Plan, Tax Rates, and the Revenue, Tax, Budget and Financial Sustainability Policies and Objectives documents were produced based upon Council discussions. These included meetings held on March 21 and 22, 2016 when Council approved in principle the proposed changes to the Policies and Objectives as well as the supplementary operating and capital requests presented for consideration.
At Council meeting held on April 4, 2016, a number of potential tax rate scenarios were presented for Council's consideration. These scenarios outlined the anticipated amount of tax revenue to be collected as well as the approximate amount of surplus that would be generated or required in order to balance the budget. During this meeting, Council approved, in principle, a scenario which would result in a 1.96% increase to the required tax revenue from all classes.
ISSUES:
1. Rationale for Selected Option
The Financial Plan and Tax Rates have already been approved in principle by Council during meetings held during March and April 2016. Additionally, there is a requirement that both bylaws be adopted by May 15 each year.
2. Organizational Implications
This will allow staff to update the financial systems with the 2016 Financial Plan information and be...
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