Title
2012 Spring Budget Adjustments
Proposed Motions
That Council approve the 2012 Spring Budget Adjustments, as per the listing in Attachment 1, which has a zero net impact on the 2012 municipal tax levy as approved in the December 2011 budget meeting and;
That Council directs Administration to prepare a 2012 tax rate bylaw based on the new budget as changed by the spring budget adjustments for the April 24, 2012 Council meeting.
Body
Administration Recommendation
Administration supports the proposed motions put forward to council.
Purpose
Each year in the spring, administration reviews the budget passed in December and puts forward to Council a list of recommended changes to the budget, which then establishes the parameters for setting the tax rate bylaw for that year. In December, the budget is set based on an estimated assessment value. The actual final assessment values are not known until the middle of March. The timing of this process necessitates a spring budget review. This also allows us the opportunity to make any other necessary adjustments we are aware of to ensure that we have as complete a budget as possible. Administration works to limit the number and amount of changes to be made so the spring budget adjustments do not materially change the overall intent of the December budget approval.
Summary
The net effect of the spring budget adjustments on the tax levy is zero. Each proposed expense is funded by restricted surplus or grant revenue or is simply a reclassification of the transaction from operating to capital. The impact of this budget (excluding the change in school taxes) on a typical property will be a 0.63% decrease or $16.86 reduction in taxes per year for residential and a 4.27% or $1,455.57 increase per year for non-residential (Attachment 3).
Strategic Plan/Policy/Legal/Staff Implications (As Required)
Section 242, 243, 245 and 246 of the Municipal Government Act requires Council to adopt an operating and a capital bud...
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