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.
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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 inf...
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