2016 Service Commitment Plans & Budgets
Council adopts Operating and Capital Budgets each year. The annual budgets are prepared to address ongoing operational and asset acquisition/replacement requirements. The budgets also include financial components of Town strategic and master plans that are adopted by Council.
2017 & 2018 Approved Budgets
2017 & 2018 Service Commitment Plans and Budgets
Council adopts Operating and Capital Budgets each year to identify ongoing operational needs and asset acquisitions and replacements. The approved budgets are used as the basis for property taxation that raise the required revenues.
The Operating Budget
The Operating Budget contains allocations for expenses that cover day-to-day expenditures and activities including utilities, insurance, staff wages and benefits, programs supplies and facility/equipment repairs and maintenance. It includes revenues expected to be received from fees and various other user pay activities like program registrations, ice rentals etc. that are applied to reduce the amount needed to be raised through property taxation. The net budget requirements are used to determine the annual tax rate that is applied to the assessed value of properties.
The 2018 Operating Budget including approved service level changes has an estimated property tax increase for the average residential property of 1.94% or $81 over 2017 although staff expect this will decrease as the assessment phase-in amounts become available. Please note that the Police, County and Education components are staff estimates only. The 2018 budget is currently under review with final updated impacts to be available in late February or early March.
The Capital Budget
The Capital Budget is the financial component of a comprehensive plan that addresses the requirements of growth and identifies the life-cycle repair and maintenance of existing infrastructure, including community centres, fire stations, parks, libraries, arenas, roads, sidewalks, etc. It is prepared in accordance with the Capital Budget Funding Policy CP.04-11.05. By limiting the use of current year projected revenues, the policy builds in the risk mitigation measures while also incorporating a savings component planned to assist in moving the Town towards a stable and positive cash balance position in accordance with the Inspiring Innisfil 2020 goal of financial sustainability.
Staff prepared a two year capital budget and 8 year forecast consistent with the provincial mandate for a minimum ten year plan for proper asset management planning. This is also needed to ensure the Town qualifies for any provincial and federal funding opportunities (including federal gas tax administered by AMO). The 2017 to 2026 capital budget and forecast was prepared utilizing information from the Master Servicing Plans, Transportation Master Plan, Roads Needs Study as well as projects for growth requirements as contained in the Development Charges Background study. It should be noted that this forecast has some significant funding challenges that will need to be addressed before projects can be advanced.