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 begi...
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