Title
2017 Final Budget (Spring Budget)
Proposed Motion
That Council approve the 2017 Final Budget which will increase the municipal tax levy requisition by $424,700 as compared to the budget approved at the December 13, 2016 Council meeting.
Body
Administration Recommendation
Administration supports the proposed motion.
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. 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 $424,700 impact in the municipal tax levy (see attachment 4).
The adjustments made to the budget have been classified into 6 different categories as described below:
1. New Budget Items - This includes any adjustments resulting from new information that has not yet been approved by Council. The total taxation impact of these adjustments is an increase of $1,151,000 (see attachment 5).
2. Salary Adjustments - This includes adjustments made to the budget based on staffing initiatives and changes in salary allocations between departments. The taxation impact of these adjustments is a decrease of $70,900 (see attachment 6).
3. Errors - This includes the correction of any errors identified in the 2017 budget that was passed in December 2016. The total taxation impact of these adjustments is a decrease of $5,800 (see attachment 7).
4. Variances - This includes any adjustments made to budget figures based on historical and trend analysis completed. The taxation impact of these adjustments is a decrease of $252,700 (see attachment 8).
5. Funds Required or...
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