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2010 Budget

2010 Budget

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2010 Budget

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Presentation Transcript

  1. 2010 Budget Challenged with an economic climate that is impacting the City’s revenue streams, the approved budget focuses on continuing to fund programs and services to meet the expectations of residents while deferring spending, where possible, to future years.

  2. Summary • Similar to 2009, 2010 will be a difficult year • The current economic climate, meeting provincial growth targets and other budget drivers places a significant strain on the City’s finances, revenue streams, development charges, and investment income • To address these issues, we have curtailed spending where possible and made prudent use of the City’s reserve funds. • Our goal is to insulate taxpayers while maintaining service levels and preserving the City’s physical assets

  3. % of Total Residential Tax Bill 2010 Budget Plan 20% 40% 40%

  4. Focus on Core Services • 3,100 lane kilometers of road • 4,149 acres of parkland • Including sports fields, playgrounds, boulevards and buffers, pathways and trails, flowers and shrub beds. • 74 corporate buildings • 65 recreation and community facilities including arenas, pools, theatres, etc. • 11 fire stations

  5. Gross Expenditures by Dept. $408.2 million

  6. 2010 Budget Priorities • Construction of Fire Station 212 in southwest Brampton • Implementation of the Züm bus rapid transit system • Planning and design of new Works Yards • Widening and construction of City roads • Improvements for Parks and Recreation • Federal / Provincial infrastructure stimulus funded projects • Continued asset repair & replacement program • Improvements to customer service – launch of City web portal

  7. 2010 Capital Budget Summaryby Program$241.4 million

  8. 2010 Current Budget Summary ($ millions) • Total Expenditures $400.6 $408.2 $ 7.6 • Revenues ($400.6)($400.9) $ 0.3 • Net $ 0.0 $7.3 $ 7.3 • Since the City cannot budget for a deficit, net revenue shortfall of $7.3million to be funded from increase in tax levy • The $7.3 million increase is less than 50% of the $14.8 million budget increase in 2009 2009 2010 BudgetBudgetVariance

  9. 2010 Budget Plan (for illustration only) • * Based on average residential assessment value of $310,000 • Note: • City portion of total tax bill is approximately 40% • 2.9% tax increase on the City portion of the residential tax bill translates into a 1.1% tax increase or $42 (approx.) on the total residential tax bill

  10. YOUR 2010 TAX BILL • There are three components (Region, City and Education) to the overall tax bill of which the City of Brampton’s portion is 40%. • For 2010, the City requires a budget increase of approximately 2.9% over 2009 levels to meet its operating and capital commitments, less than half of the increase approved last year. • This means that, based on the City’s percentage of the overall tax bill, the City of Brampton is increasing taxes by 1.1% or an approximate $42 tax increase on an average residence assessed at $310,000.