noted earlier in the report, Sections E & F of the Executive Summary includes additional reduction options for Council's consideration in order to offset this increase.
At this time, it is not known if a decrease in education taxes will serve to offset a portion of the recommended budget increase.
Consultations:
The 2020 Recommended Operating Budget was developed in consultation with City Departments and City funded Agencies, Boards & Committees.
Conclusion:
The 2020 Operating Budget being recommended to City Council reflects a net municipal property tax levy requirement of $420,332,378 including the status quo education amount. This represents a $4,887,365 or 1.2% increase to the levy requirements related to City departments. Administration believes that the proposed budget achieves a responsible and reasonable balance between fiscal restraint and the desire to maintain or improve the levels and quality of services.
Council is asked to consider an additional increase of $4,800,000 in order to fund the Asset Management Plan (AMP). This would result in a cumulative tax levy increase of 2.4% and a 2020 municipal property tax levy requirement of $425,132,378.
Council is also asked to consider an additional increase of $5,102,349 that has been requested from various city-funded Agencies, Boards, and Committees (ABCs). If left unmitigated, inclusive of the ABCs budget requests, the 2020 increased levy requirement will result in a total cumulative tax levy increase of 3.6% and a 2020 municipal property tax levy requirement of $430,234,727.
As with any budget, there are significant risks relative to the projections that underlie this budget. The major ones have been outlined in this report with further detailed risks contained within the budget documents. The budget is presented for council consideration.
Planning Act Matters:
N/A
Approvals:
| Name | Title |
|---|---|
| David Soave | Manager, Operating Budget Development & Financial Administration |
| Tony Ardovini | Deputy Treasurer - Financial Planning |
| Joe Mancina | Chief Financial Officer & City Treasurer |
| Onorio Colucci | Chief Administrative Officer |
Notifications:
| Name | Address | |
|---|---|---|