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2019 BUDGET SUMMARY

2019 BUDGET SUMMARY. March 12, 2019. Budget Process. Each department submits core, supplemental and capital requests Finance prepares preliminary figures regarding the additional tax revenue required to balance the budget

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2019 BUDGET SUMMARY

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  1. 2019 BUDGET SUMMARY March 12, 2019

  2. Budget Process • Each department submits core, supplemental and capital requests • Finance prepares preliminary figures regarding the additional tax revenue required to balance the budget • Senior staff meet to deliberate and agree on potential budget reductions to achieve varying levels of tax increases • consider available staff and time resources • ability to defer items • prioritization of all requests

  3. OPERATING

  4. Creation of Scenarios • Anticipated revenue calculated based on range of percentages • Property tax revenue estimated based on Completed Roll assessed values (Increase of $378M or >10.6%) • PILT revenue based on assessed value figures provided by Public Works Canada (Increase of $47M or 4.5%) • Calculations could change slightly once final assessed values produced (March 31) or if items are added/removed from Financial Plan

  5. Revenue Increase

  6. Fiscal Challenges

  7. Operating Requests • Total Core Expenditure Increase= $121,168 (0.60% increase) • Excluding wage increases and EHT impact • Total Supplementals = $1,470,166 • Previously Approved = $34,621 • Discretionary = $1,435,545

  8. Scenario #1 – Budget Target @ 1%

  9. Scenario #2 – Budget Target @ 2%

  10. Scenario #3 – Budget Target @ 3%

  11. Budget Reductions @ 3%

  12. Scenario #4 – Budget Target @ 4%

  13. Budget Reductions @ 4%

  14. Scenario #5 – Budget Target @ 5%

  15. Budget Reductions @ 5%

  16. MUNICIPAL COMPARISONS

  17. MUNICIPAL COMPARISONS

  18. CAPITAL

  19. CAPITAL REQUESTS – FUNDING SUMMARY

  20. CAPITAL REQUESTS – DEFERRED

  21. Council Direction Alternatives: • Direct staff to present tax rate calculations based on a recommended tax rate increase scenario • Revise recommended scenarios and direct staff to present tax rate calculations based on amended scenario • Direct staff to present additional tax revenue increase scenarios

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