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File #: 20-189    Version: 1 Name:
Type: Staff Report Status: Passed
File created: 4/27/2020 In control: Council
On agenda: 5/4/2020 Final action: 5/4/2020
Title: 2020 Financial Plan and Tax Rates Bylaws
Attachments: 1. Attachment No. 1: Bylaw 2986 - 2020 Financial Plan.pdf, 2. Attachment No. 2: Bylaw 2986 - Schedule A Policies and Objectives.pdf, 3. Attachment No. 3: Bylaw 2986 - Schedule B Financial Plan.pdf, 4. Attachment No. 4: Bylaw 2987 - 2020 Tax Rates.pdf, 5. Attachment No. 5: Bylaw 2987 - Schedule A Tax Rates.pdf

REQUEST FOR DECISION

 

DATE:                       April 28, 2020                     Report No. FIN-20-007

TO:                       Laurie Hurst, Chief Administrative Officer                                           

FROM:                      Ian Irvine, Director of Financial Services

SUBJECT:

 

Title

2020 Financial Plan and Tax Rates Bylaws

End

 

RECOMMENDATION:

 

Recommendation

That Council give 1st, 2nd and 3rd readings and final adoption to the Financial Plan Bylaw, 2020, No. 2986 and Tax Rates Bylaw, 2020, No. 2987 as authorized under section 9 of Ministerial Order No. M083 - Order of the Minister of Public Safety and Solicitor General/Emergency Program Act.

Body

 

RELEVANT POLICY:

 

Community Charter s.197

 

STRATEGIC RELEVANCE:

 

The Financial Plan and Tax Rates Bylaws establish the service levels and generate the revenue required by the Township to provide these services.

 

BACKGROUND:

 

The attached summary Financial Plan, Tax Rates, and Revenue, Tax, Budget and Financial Sustainability Policies and Objectives documents are based on Council discussions. These included meetings held in January, March and April when Council approved, in principle, the Policies and Objectives as well as the supplementary operating and capital requests recommended by staff.

 

During its April 6 meeting, Council was presented with a number of budget and tax rate scenarios for consideration. These scenarios outlined the anticipated amount of additional tax revenue that would be collected in order to balance the budget. During this meeting, Council gave direction to proceed with a 2.0% tax revenue increase. The Financial Plan and Tax Rates Bylaws reflect this percentage increase.

 

 

ISSUES: 

 

1.  Rationale for Selected Option

The Financial Plan and Tax Rates have already been approved in principle by Council during meetings held in March and April of this year. Additionally, there is a statutory requirement that both bylaws be adopted in advance of the May 15 deadline.

 

2.  Organizational Implications

This decision will allow staff to update the financial systems with the 2020 Financial Plan information and begin preparations for the generation and issuance of property tax notices.

 

3.  Financial Implications

Adoption of the Financial Plan will allow staff to finalize the 2020 financial information and will provide certainty to all departments regarding the resources available to fund operations, projects and services.

 

4.  Sustainability & Environmental Implications

There are no sustainability or environmental implications of this decision.

 

5.  Communication & Engagement 

Once adopted, a Township website posting and a social media release will be issued outlining the tax revenue increase and other relevant details about the Financial Plan. Additionally, an insert will be mailed with each property tax notice. This insert will provide information about property tax payment options, as well as tax rate information, how tax revenue is allocated, and the proportion of tax revenue collected for the Township and on behalf of other agencies.

 

ALTERNATIVES:

 

1. That Council give 1st, 2nd and 3rd readings and final adoption to the Financial Plan Bylaw, 2020, No. 2986 and Tax Rates Bylaw, 2020, No. 2987 as authorized under section 9 of Ministerial Order No. M083 - Order of the Minister of Public Safety and Solicitor General/Emergency Program Act.

 

2. That Council amend the Financial Plan and Tax Rates Bylaws and give first three readings and final adoption.