Title
2020 Final Operating and Capital Budget (Spring Budget)
Proposed Motions
1. That Council approve the 2020 Final Operating Budget which will increase the municipal tax levy by $599,440 as compared to the budget approved at the December 10, 2019 Council meeting.
2. That Council approve the 2020 Final Capital Budget which will have no change in its impact on the municipal tax levy approved at the December 10, 2019 Council meeting.
3. That Council approve the projects spanning more than one year in duration in the amount of $15,057,151.
Body
Administration Recommendation
Administration supports the proposed motions.
Purpose
Each year in the spring, administration reviews the Interim Budget and puts forward a list of recommended changes to the budget. This review also allows administration the opportunity to make any necessary adjustments to ensure that the budget provides the necessary financial resources required to achieve Council's Strategic Plan and the service levels outlined by Council. These changes along with the finalized assessment values establishes the parameters for setting the tax rate bylaw for that year.
Summary
The net effect of the spring budget adjustments is a $599,440 impact in the municipal tax levy.
The adjustments made to the budget have been classified into 3 different categories as described below:
1. Operating Budget Program Adjustments - This includes adjustments to programs based on new information. The taxation impact of these adjustments is an increase of $1,101,340 (see attachment 5). Significant Changes to programs have been explained in attachment 1.
2. Operating Budget Project Adjustments - This includes adjustments to updated operating projects and project costs. The taxation impact of these adjustments is an decrease of $501,900 (see attachment 5). Operating projects by division are included in attachment 2.
3. Capital Budget - This includes adjustments to updated capital projects and project costs. There is no change in the tax requirement from the adjustments made (see attachment 5). The Capital budget by infrastructure class is included in attachment 3.
4. The municipal tax impact of this budget will be 0.00% or $0 per year increase for residential property with a market value of $486,900 and 4.63% or $1,940 increase per year for a non-residential property with a market value of $5,229,605 (see attachment 4).