Title
2021 Final Operating and Capital Budget Adjustments
Proposed Motions
1. That Council approve the 2021 Final Operating Budget which will increase the municipal tax levy by $1.487M as compared to the budget approved at the November 24, 2020 Council meeting.
2. That Council approve the 2021 Final Capital Budget which will increase the municipal tax levy by $1.000M as compared to the budget approved at the November 24, 2020 Council meeting.
Body
Administration Recommendation
Administration supports the proposed motions.
Purpose
Each spring, administration reviews the 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, establish the parameters for setting the tax rate bylaw for that year.
Summary
The net effect of the final budget adjustments is a $2.487M impact on the municipal tax levy.
The budget is classified into 3 different categories as described below:
1. Operating Budget Program - This includes adjustments to programs based on new information. The taxation impact of these adjustments is an increase of $1.387M (see attachment 1 & 3). Significant Changes to programs have been explained in attachment 1.
2. Operating Budget Project - This includes adjustments to updated operating projects and project costs. The taxation impact of these adjustments is an increase of $0.100M (see attachment 1 & 3). Operating projects by division are included in attachment 2.
3. Capital Budget - This includes adjustments to updated capital projects and project costs. The taxation impact of these adjustments is an increase of $1.000M (see attachment 1 & 3). The Capital budget by infrastructure class is included in attachment 4.
The municipal tax...
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