VARIANCE DESCRIPTION

The total departmental year-end variance is projected to be approximately:  ($92,000)  (Deficit)

External Revenue: ($250,000)

($92,000)

(Deficit)

External revenue is trending towards an overall net deficit of approximately ($250,000). Contributing to this deficit is an estimated shortfall of ($538,000) directly related to the ongoing pandemic, which includes: ($195,000) suspension of Tax Lien Registrations resulting from emergency measures that have been implemented, ($115,000) related to External Tax Inquiries, ($112,000) related to Letters of Default, ($100,000) in Ownership Charges, and ($11,000) which is related to Tax Certificates. Offsetting these shortfalls is an estimated surplus of approximately $265,000 in Mortgage Administration Fees, and $18,000 in Administrative Fees.

Salaries: $89,000

Salaries within the department are currently trending towards a year-end surplus of approximately $89,000, primarily due to gapping and the timing of recruitments.

Consulting Fees: $75,000

A year end surplus of $75,000 is anticipated as a result of decisions to maintain a status quo approach to property tax policy and administration as well as the deferral of the 2021 reassessment by MPAC which resulted in less reliance upon MTE Consulting Services.

Various Miscellaneous: ($6,000)

Various miscellaneous line items within the department are projected to contribute an estimated deficit of approximately ($6,000) by year-end.