REQUEST FOR DECISION
DATE: April 19, 2021 Report No. FIN-21-008
TO: Laurie Hurst, Chief Administrative Officer
FROM: Ian Irvine, Director of Financial Services
SUBJECT:
Title
2021 Financial Plan and Tax Rates Bylaws
End
RECOMMENDATION:
Recommendation
That Council give first, second and third readings to Financial Plan Bylaw, 2021, No. 3016 and Tax Rates Bylaw, 2021, No. 3017
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 Financial Plan Bylaw, Tax Rates Bylaw, and Revenue, Tax, Budget and Financial Sustainability Policies and Objectives have been formulated based on various Council discussions. During meetings held in January and March, Council approved, in principle, the Policies and Objectives as well as the supplementary operating and capital requests based on staff recommendations.
During its April 12 meeting, Council was presented with three tax rate scenarios for consideration. These scenarios outlined the anticipated amount of tax revenue that would be required to balance the 2021 budget. During this meeting, Council gave direction to proceed with a 1.60% tax revenue increase and this is reflected in the attached bylaws.
ISSUES:
1. Rationale for Selected Option
The financial plan and tax rates have already been approved in principle by Council during public meetings held in March and April this year. Additionally, there is a statutory requirement that both bylaws be adopted each year prior to the May 15 deadline.
2. Organizational Implications
This decision will allow for the financial plan data to be updated into the Township's systems and will facilitate the generation and issuance of property tax notices.
3. Financial Implications
Adoption of the Financial Plan Bylaw will provide certainty to all departments regarding the financ...
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