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File #: 19-170    Version: 1 Name:
Type: Staff Report Status: Passed
File created: 4/9/2019 In control: Council
On agenda: 4/15/2019 Final action: 4/15/2019
Title: 2019 Financial Plan and Tax Rates Bylaw
Attachments: 1. Bylaw 2959 - 2019 Financial Plan, 2. Bylaw 2959 - Schedule A Policies and Objectives, 3. Bylaw 2959 - Schedule B, 4. Bylaw 2960 - 2019 Tax Rates, 5. Bylaw 2960 - Tax Rates Schedule A

REQUEST FOR DECISION

 

DATE:                       April 10, 2019                     Report No. FIN-19-005

TO:                       Laurie Hurst, Chief Administrative Officer                                           

FROM:                      Ian Irvine, Director of Financial Services

SUBJECT:

 

Title

2019 Financial Plan and Tax Rates Bylaw

End

 

RECOMMENDATION:

 

Recommendation

That Council give 1st, 2nd and 3rd readings to the Financial Plan Bylaw, 2019, No. 2959 and Tax Rates Bylaw, 2019, No. 2960.

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 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 two meetings in April, Council was presented with a number of potential tax scenarios for their 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 their approval, in principle, to a scenario which would result in the following tax revenue increases over the 2018 revenue amounts:

 

Property Class

Tax Revenue Increase

1 - Residential

4.93%

6 - Business

0.00%

2 - Utilities 4 - Major Industry 5 - Light Industry 8 - Recreation

3.26%

 

 

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 2019 Financial Plan information and begin preparations for the generation and issuance of 2019 property tax notices.

 

3.  Financial Implications

 

Adoption of the Financial Plan will allow staff to finalize the 2019 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 news release will be issued and posted on the Township website outlining the tax revenue increase and other relevant details about the Financial Plan. Additionally, an information insert will be mailed with each property tax notice. This insert will include tax rate information, how tax revenue is allocated, and the proportion of municipal tax revenue collected by the Township and on behalf of other agencies.

 

 

ALTERNATIVES:

 

1. That Council give 1st, 2nd and 3rd readings to the Financial Plan Bylaw, 2019, No. 2959 and Tax Rates Bylaw, 2019, No. 2960.

 

2. That Council amend the Financial Plan and Tax Rates Bylaws and give 1st, 2nd and 3rd readings as amended.