REQUEST FOR DECISION
DATE: April 5, 2017 Report No. FIN-17-006
TO: Laurie Hurst, Chief Administrative Officer
FROM: Ian Irvine, Director of Financial Services
SUBJECT:
Title
2017 Financial Plan and Tax Rates Bylaws
End
RECOMMENDATION:
Recommendation
That Financial Plan Bylaw, 2017, No. 2890 and Tax Rates Bylaw, 2017, No. 2891 be given 1st, 2nd and 3rd reading.
Body
RELEVANT POLICY:
As required by the Community Charter, the Financial Plan and Tax Rates must be adopted annually, by bylaw, prior to May 15th each year.
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 the Revenue, Tax, Budget and Financial Sustainability Policies and Objectives documents were produced based upon Council discussions. These included meetings held on March 20 and 21, 2017 when Council approved in principle the proposed changes to the Policies and Objectives as well as the supplementary operating and capital requests presented for consideration.
At the Council meeting held on April 3, 2017, a number of potential tax rate scenarios were presented for Council's consideration. These scenarios outlined the anticipated amount of tax revenue to be collected as well as the approximate amount of surplus that would be generated after balancing the budget. During this meeting, Council approved, in principle, a scenario which would result in a 0.50% increase to the required tax revenue from all classes.
ISSUES:
1. Rationale for Selected Option
The Financial Plan and Tax Rates have already been approved in principle by Council during meetings held during March and April 2017. Additionally, there is a requirement that both bylaws be adopted by May 15 each year.
2. Organizational Implications
This decision will allow staff to update the financial systems with the 2017 Financial Plan in...
Click here for full text