Title
2021 BUSINESS PLAN AND BUDGET OVERVIEW
C. Millar, Director of Finance/Treasurer provided a presentation on the 2020 Business Plan and Budget Overview.
Mr. Millar discussed slides concerning the following topics:
* The 2021 budget and financial overview;
* A financial outlook associated to the City's "AA" credit rating from S&P Global Ratings;
* The Province's Safe Restart Funding;
* The 2021 business plan process;
* The 2021 budget directions related to operating costs;
* A summary of the proposed 2021 tax rate impacts;
* The 2021 sources of operating revenue;
* The allocation of property taxes associated to the 2021 tax levy;
* The user rate budgets for water, wastewater and parking;
* The 2021 capital spending authority by funding source totalling $243.2 million;
* The reserves associated to the consolidated 5 year average draws and contributions;
* The forecasted debt levels between 2021 - 2025; and
* The next steps in the 2021 budget process.
Members of General Committee asked a number of questions of City staff and received responses related to the following for further clarification:
* The Province's Safe Restart Funding from 2020 carry over to the 2021;
* Possible ask from County of Simcoe for City to apply its Safe Restart Funding to long-term care and specific COVID related costs;
* Information on new small business sub-class;
* City's ask for service providers to be at or under a 1.95%;
* The process of MPAC reassessing properties and the phased in period for tax payers;
* The 7% decrease saved in 2020 is the difference from layoffs and more efficiencies during COVID;
* The reduction of $7.5 million in fees and revenue charges in the 2021 budget;
* The loss of $2 to $3 million in property assessment appeals associated to MPAC;
* Removing the south-end Water Treatment Plant, the bridge, and the Downtown Renovation from $318 million budget ask;
* A comparison of other municipalities recouping from COVID compared to the City;
* A 0% tax...
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