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Financial Plan Deliberations

April 14, 2014 Erin Anderson, Director of Financial Services. Financial Plan Deliberations. Recap. February 17: Set dates March 3: Grants in Aid Discussion March 24: Follow-up from Grants in Aid March 24: Financial Plan Overview – presented 2014-2018 Draft Financial Plan

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Financial Plan Deliberations

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  1. April 14, 2014 Erin Anderson, Director of Financial Services Financial Plan Deliberations

  2. Recap • February 17: Set dates • March 3: Grants in Aid Discussion • March 24: Follow-up from Grants in Aid • March 24: Financial Plan Overview – presented 2014-2018 Draft Financial Plan • April 7: Draft of 2014-2018 General Capital Projects & Preliminary Policy Direction • April 14: Financial Plan discussion • April 28: Presentation of the 2013 Financial Statements

  3. Next Steps • Provide Policy direction • Provide direction on any tax changes • Confirm 2014-2018 Capital Plan • Confirm any Parcel Tax changes • Present bylaws May 5, 2013 • Adoption at a special meeting

  4. Financial Plan - recap

  5. Grants in Aid – Preliminary:

  6. Grants in Aid – Requiring Decision

  7. Municipal Taxation • Made up of : • Police Tax $1,065,404 (8.52% increase) • Library $328,018 (8.1% increase) • Municipal Purposes $6,011,936 (3.65% increase)

  8. Property Taxation • Allocate: $319,903 • After NMC: $265,223 • Using 2013 percentage of levy:

  9. Current Policy: tax shifting

  10. Does Council wish to continue with the current policy of: • Maintain the Major Industry (Class 4) tax dollar levy. • Over 2015-2018, reduce the share of property tax paid by Class 4 by at least 2 percent. • Previous dollar levy $945,952 • There is $4,285 in NMC • Assessments in Class 4 is 9,435,100

  11. Does Council wish to continue with the current policy of: • Residential Class (Class 1) tax increase to be no more than 5% after new construction figures and that the Business/Other Class (Class 6) increase be no more than half of the Residential (Class 1) increase. • Over 2015-2018, maintain the Class 6 tax levy increase to be no more than half of the Class 1 tax levy increase.

  12. Questions?

  13. Additional Options: • Class 8 – Recreation/Non-Profit:

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