Title
PRESENTATION CONCERNING THE 2022 BUSINESS PLAN AND OPERATING BUDGET
C. Millar, Director of Finance/Treasurer provided a presentation on the 2022 Business Plan and Operating Budget.
Mr. Millar discussed slides concerning the following topics:
• The process of the 2022 Business Plan;
• The 2022 budget directions related to operating costs;
• A summary of the proposed 2022 tax rate impacts;
• The 2022 sources of operating revenue;
• The user rate budgets for water, wastewater and parking;
• Council’s directions associated with the 10-year Capital Plan;
• 2022 budget directions related to the Capital Plan;
• The process of the 2022 Capital Plan;
• A summary of the 2022 Capital Plan;
• The requested capital spending authority by funding source from 2022 to 2026;
• The consolidated reserve and reserve fund forecast from 2021 to 2026 and the five year average draws and contributions;
• The forecasted debt levels and expected servicing cost from 2022 to 2026; and
• The next steps and timelines.
Members of Council asked a number of questions of City staff, received responses and was provided further clarification on the following:
• The calculations of the proposed changes that would impact the tax levy related to the following:
o New investment and service recommendations;
o Service partners and projected funding for the County of Simcoe;
o Estimated assessment growth; and
o Dedicated infrastructure renewal funding.
• The forecasted debt levels related to Development Charges and balancing growth;
• The financial impacts to residents and businesses for delivering municipal services;
• The 2022 Capital Plan related to Council strategic goals and staffing levels;
• The impact of the COVID-19 pandemic on the 2022 Budget;
• The increase in costs related to the City’s insurance policies and impacts on the tax levy; and
• The impact of the Municipal Property Assessment Corporation (MPAC) temporary halting of the property re-evaluation processes for homeowners.