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Financial Plan Deliberations

This document summarizes the financial plan deliberations led by Erin Anderson, Director of Financial Services, which took place between February and April 2014. Key discussions included confirming dates for financial plan meetings, reviewing grants in aid, and exploring capital projects for 2014-2018. The plan highlights proposed tax increases for police, library, and municipal purposes, and outlines decisions regarding property tax allocation and the potential policy shifts for Class 4 and Class 1 tax rates. Next steps involve policy direction and potential tax changes scheduled for discussion in May 2014.

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Financial Plan Deliberations

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  1. April 14, 2014 Erin Anderson, Director of Financial Services Financial Plan Deliberations

  2. Recap • February 17: Set dates • March 3: Grants in Aid Discussion • March 24: Follow-up from Grants in Aid • March 24: Financial Plan Overview – presented 2014-2018 Draft Financial Plan • April 7: Draft of 2014-2018 General Capital Projects & Preliminary Policy Direction • April 14: Financial Plan discussion • April 28: Presentation of the 2013 Financial Statements

  3. Next Steps • Provide Policy direction • Provide direction on any tax changes • Confirm 2014-2018 Capital Plan • Confirm any Parcel Tax changes • Present bylaws May 5, 2013 • Adoption at a special meeting

  4. Financial Plan - recap

  5. Grants in Aid – Preliminary:

  6. Grants in Aid – Requiring Decision

  7. Municipal Taxation • Made up of : • Police Tax $1,065,404 (8.52% increase) • Library $328,018 (8.1% increase) • Municipal Purposes $6,011,936 (3.65% increase)

  8. Property Taxation • Allocate: $319,903 • After NMC: $265,223 • Using 2013 percentage of levy:

  9. Current Policy: tax shifting

  10. Does Council wish to continue with the current policy of: • Maintain the Major Industry (Class 4) tax dollar levy. • Over 2015-2018, reduce the share of property tax paid by Class 4 by at least 2 percent. • Previous dollar levy $945,952 • There is $4,285 in NMC • Assessments in Class 4 is 9,435,100

  11. Does Council wish to continue with the current policy of: • Residential Class (Class 1) tax increase to be no more than 5% after new construction figures and that the Business/Other Class (Class 6) increase be no more than half of the Residential (Class 1) increase. • Over 2015-2018, maintain the Class 6 tax levy increase to be no more than half of the Class 1 tax levy increase.

  12. Questions?

  13. Additional Options: • Class 8 – Recreation/Non-Profit:

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