1 / 17

Town of Newmarket 2011 Budget Presentation Special Committee of the Whole Budget Meeting

Town of Newmarket 2011 Budget Presentation Special Committee of the Whole Budget Meeting March 7, 2011 Presenter: Mike Mayes Director, Financial Services/Treasurer. Presentation Purpose. Review of 2011 Budget Process Budget Process Recap New for Today Possible Objectives for Today.

derick
Télécharger la présentation

Town of Newmarket 2011 Budget Presentation Special Committee of the Whole Budget Meeting

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Town of Newmarket 2011 Budget Presentation Special Committee of the Whole Budget Meeting March 7, 2011 Presenter: Mike Mayes Director, Financial Services/Treasurer

  2. Presentation Purpose • Review of 2011 Budget Process • Budget Process Recap • New for Today • Possible Objectives for Today

  3. Budget Process Recap • Newmarket Public Library Board • Water and Sewer Rate Groups Budget • Communications Tactics

  4. The Town of Newmarket is Diverse and Complex • 981 full and part-time employees • $110 million budget • 212 km of roads, 290km of watermains, 50 km of trails, 365 hectares of parks • Estimated replacement value of capital assets = $1.1 billion • Servicing a population of 84,351 in 27,350 households • Managing many lines of business on a day-to-day basis

  5. The Town of Newmarket is Competitive • Comparative tax rate – 2010 BMA study • Customer satisfaction • 96% of residents are satisfied living in Newmarket • nearly 80% are satisfied with the services received from the Town • Newmarket is ranked 15th out of 179 Canadian cities and towns and best place to live in York Region

  6. 2011 Budget Priorities • Strive to provide quality programs and services to maintain a high level of community satisfaction. • Provide for the hiring of 20 new Firefighters to meet growth and ensure public safety. • Maintain a responsible and affordable tax levy to respond to current and future needs. • Incorporate carry-over obligations to accommodate growth and new facilities. • Encourage public engagement and consultation in the budget process through enhanced communication efforts.

  7. 2011 Drivers & Challenges

  8. Breakdown of Tax Increase Under Consideration (Preliminary 1st Draft) • CYFS budget has been reviewed by JCC • Library budget Growth and Enhancement items have been reviewed by the Board. Town to update Library budget 8

  9. How our Tax Dollar is Spent Notes: • $113 / month • $1366 / year • 3.24% ($188.24 increase) for residential house assessed @ $328,182

  10. Risk and Impact on Future Years • De-annualization deferring 1.45% tax increase to 2012 • additional fire staff • operating costs for CUSP • other growth-related initiatives • Capital financing is being kept at the 2010 levels • asset replacement fund had not been increased since 2009

  11. Responsible Financing Strategies • Asset Replacement Fund (ARF) • $12 million annually for $1.1 billion in assets • The Town of Newmarket Debt Policy • limit of 10% (currently 6.5%), 85% of which is financed from non-tax sources • Service Pricing Policy • 5-year Forecast • Service Reviews

  12. New for Today • March 1 - CYFS JCC meeting • Revised "All-In" Tax Impact • Accounting and Policy Changes • Questions and issues addressed through Council Information Report • Draft 2011 Capital Budget • Draft 2011 Reserve and Reserve Fund Budget

  13. 2011 Residential Property TaxUnder Consideration • Regional Municipality of York is projecting a tax increase of 1.94%. Tax shifts due to variable assessment growth in the province could lower the increase applicable to Newmarket in 2010 by 0.5%. The Region continues to benefit from uploading to the Province. Last year this has allowed them to reduce their tax increase by 3.3%. • School Board increase is based on historical trends. Tax shifts due to variable assessment growth in the Region could lower the increase applicable to Newmarket in 2010 by 0.24%. • If the 2011 tax shift is the same as in 2010, the all-in tax increase would be 2.17%.

  14. Draft 2011 Capital Budget • New Gross Expenditures = $25.5 million • 2010 capital budget carryovers • Accounting and Policy Changes • Pre-budget approval for capital expenditures

  15. Possible Objectives for Today • Direction on inclusions for the Library • Growth and Enhancement items • Capital projects • Draft Capital Budget • Direction to staff for further information or analysis

  16. Thank you

More Related