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...
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