REQUEST FOR DECISION
DATE: April 26, 2018 Report No. FIN-18-007
TO: Laurie Hurst, Chief Administrative Officer
FROM: Ian Irvine, Director of Financial Services
SUBJECT:
Title
2018 Financial Plan and Tax Rates Bylaws
End
RECOMMENDATION:
Recommendation
That Financial Plan Bylaw, 2018, No. 2920 and Tax Rates Bylaw, 2018, No. 2921 be given 1st, 2nd and 3rd readings
Body
RELEVANT POLICY:
Community Charter s197
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 two meetings held in March when Council approved in principle the Policies and Objectives as well as the supplementary operating and capital requests recommended by staff.
At its April 9, 2018 meeting 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 as well as the approximate amount of surplus that would be generated after balancing the budget. During this meeting, Council gave their approval in principle to a scenario which would result in a 2.90% tax revenue increase over the 2017 revenue amount.
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 2018 Financial Plan information and begin preparations for the generation and issuance of the 2018 property tax notices.
3. Financial Implications
Adopti...
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