REQUEST FOR DECISION
DATE: April 19, 2022 Report No. FIN-22-007
TO: Laurie Hurst, Chief Administrative Officer
FROM: Ian Irvine, Director of Financial Services
SUBJECT:
Title
2022 Financial Plan and Tax Rate Bylaws
End
RECOMMENDATION:
Recommendation
That Council give first, second and third readings to Financial Plan Bylaw, 2022, No. 3054 and Tax Rates Bylaw, 2022, No. 3055.
Body
RELEVANT POLICY:
Community Charter s.197
STRATEGIC RELEVANCE:
The Financial Plan and Tax Rates Bylaws establish the service levels and 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 March and April, Council approved, in principle, the Policies and Objectives as well as the supplementary operating and capital requests based on staff recommendations.
During its April 4, 2022, meeting, Council was presented with four tax rate scenarios for consideration. These scenarios outlined the anticipated amount of tax revenue that would be required to balance the 2022 budget. During this meeting, Council gave direction to proceed with a 4.92% tax revenue increase and this is reflected in the attached bylaws.
ISSUES:
1. Rationale for Selected Option
The financial plan and tax rates have 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 uploaded 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 financial resources ...
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