File #: 21-A-119    Version: Name:
Type: Presentation - CC Status: Agenda Ready
File created: 11/5/2021 In control: City Council
On agenda: 11/8/2021 Final action: 11/8/2021
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 ...
Attachments: 1. ADDITIONS - Presentation 2022 Business Plan Operating Budget

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.