File #: RFD 19-065    Version: 1 Name: 2019 Final Operational and Capital Budget (Spring Budget)
Type: Request For Decision Status: Carried
File created: 3/20/2019 In control: Council
On agenda: 4/9/2019 Final action: 4/9/2019
Title: 2019 Final Operating and Capital Budget (Spring Budget) Proposed Motions 1. That Council approve the 2019 Final Operating Budget which will increase the municipal tax levy by $1,186,350 as compared to the budget approved at the November 27, 2018 Council meeting. 2. That Council approve the 2019 Final Capital Budget which will increase the municipal tax levy by $34,400 as compared to the budget approved at the November 27, 2018 Council meeting. 3. That Council approve the projects spanning more than one year in duration in the amount of $5,513,451.
Attachments: 1. 1. 2019 Final Operating and Capital Budget, 2. 2. Taxation Impact, 3. 3. Operating Programs, 4. 4. Operating Projects, 5. 5. Lifecycles, 6. 6. Capital Budget by Infrastructure Class, 7. 7. 2019 Capital Budget Overview Report Presentation, 8. 2019 Final Capital Budget Overview pg.13 (handout)

Title

2019 Final Operating and Capital Budget (Spring Budget)

 

Proposed Motions

1.  That Council approve the 2019 Final Operating Budget which will increase the municipal tax levy by $1,186,350 as compared to the budget approved at the November 27, 2018 Council meeting.

 

2.  That Council approve the 2019 Final Capital Budget which will increase the municipal tax levy by $34,400 as compared to the budget approved at the November 27, 2018 Council meeting.

 

3.  That Council approve the projects spanning more than one year in duration in the amount of $5,513,451.

 

Body

Administration Recommendation

Administration supports the proposed motions.

 

Purpose

Each year in the spring, administration reviews the budget passed in November and puts forward to Council 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 $1,220,750 impact in the municipal tax levy.

 

The adjustments made to the budget have been classified into 4 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 $997,950. (see attachment 3)

 

2. Operating Budget Project Adjustments - This includes adjustments to updated operating projects and project costs.  The taxation impact of these adjustments is an increase of $23,800. (see attachment 4)

 

3. Operating Budget Lifecycle Adjustments - This includes adjustments to non-capital items on the lifecycle plan.  The taxation impact of these adjustments is an increase of $164,600. (see attachment 5)

 

4. Capital Budget - This includes adjustments to updated capital projects and project costs.  The taxation impact of these adjustments is an increase of $34,400. (see attachment 6)

 

The municipal tax impact of this budget will be 3.71% or $73 per year increase for residential property with a market value of $498,696 and 6.00% or $2,370 increase per year for a non-residential property with a market value of $5,116,944  (see attachment 2).