File #: 17-149    Version: 1 Name:
Type: Staff Report Status: Finance Staff Report
File created: 3/31/2017 In control: Special Meeting of Council
On agenda: 4/10/2017 Final action: 4/10/2017
Title: 2017 Financial Plan and Tax Rates Bylaws
Attachments: 1. Bylaw 2890 - 2017 Financial Plan, 2. 2017 Financial Plan Bylaw 2890 Schedule A, 3. 2017 Financial Plan Bylaw 2890 Schedule B, 4. Bylaw 2891 - 2017 Tax Rates, 5. 2017 Tax Rates Bylaw Schedule A

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 information and begin preparations for the issuance of the 2017 property tax notices.

 

3.  Financial Implications

 

Adoption of the Financial Plan will allow staff to finalize the 2017 financial information and will provide certainty to all departments regarding the funds available for operations, projects and services.

4.  Sustainability & Environmental Implications

 

There are no sustainability or environmental implications of this decision.

 

5.  Communication & Engagement 

 

Once adopted, the 2017-2021 Financial Plan and related documents would be available for viewing on the Township’s website.  As well, a media release will be issued and posted on the website outlining the tax increase and other relevant details.

 

Additionally, a tax information insert will be created and included with each property tax notice.  This insert will include tax rate information, how municipal tax revenue is allocated and the proportion of municipal tax revenue in relation to the amounts collected on behalf of other agencies.

 

ALTERNATIVES:

 

1. That Financial Plan Bylaw, 2017, No. 2890 and Tax Rates Bylaw, 2017, No. 2891 be given 1st, 2nd and 3rd reading.

 

2. That staff be directed to develop Financial Plan and Tax Rate Bylaws based on an alternate scenario as decided by Council.