Special Council/Documents/Schedule A: Changes to tax-funded items - 2020-2024 Financial Plan Approval
Appendix
Schedule A: Changes to tax-funded items - 2020-2024 Financial Plan Approval
April 14, 2020Page 2183 sections
Budget schedule showing changes to tax-funded items approved during workshops in February 2020.
Revised property tax revenue requirement: $8,998,605Revised tax increase: 2.89%Deferred addition of second RCMP member to 2023
Schedule A Changes to tax-funded items 2020-2024 Financial Plan Approval
Budget workshop sessions February 18-20 and 25, 2020
2020-2024 Financial Plan published February 14, 2020
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|---|
| Tax revenue from existing assessments | 8,493,572 | 9,078,484 | 9,824,470 | 10,070,839 | 10,410,167 | 10,657,946 |
| Estimated tax revenue from new construction | 245,994 | 228,969 | 100,000 | 100,000 | 100,000 | 100,000 |
| Total property tax revenue required | 8,739,566 | 9,307,453 | 9,924,470 | 10,170,839 | 10,510,167 | 10,757,946 |
| % increase | 4.75% | 3.78% | 5.50% | 1.46% | 2.33% | 1.39% |
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Changes to tax-funded items
Tax requirement increase (decrease)
| Item | Item description | Account or PS reference | 2020 | 2021 | 2022 | 2023 | 2024 | Comments |
|---|---|---|---|---|---|---|---|---|
| 1 | Digital signature certificate services | N-59 | (4,500) | (3,500) | (3,500) | (4,000) | (4,000) | Project not approved |
| 2 | Electronic access to archives repository | N-33 | (7,500) | - | - | - | - | Fund from surplus in 2020 - subsequent years from taxation |
| 3 | Truth and reconciliation awareness | N-68 | (10,000) | (5,000) | (4,000) | (3,000) | (3,000) | Fund from surplus in 2020 and eliminate next 4 years |
| 4 | Wildfire fuel management plan | N-78 | - | (25,000) | - | - | - | Plan implementation follows completion of plan in 2021 |
| 5 | Add'l RCMP members | N-54 | - | - | (54,700) | (110,000) | - | Defer addition of second RCMP member to 2023 |
| 6 | Police Operating reserve contribution | 17,000 | 17,000 | 17,000 | 17,000 | 17,000 | ||
| 7 | VR Park community garden expansion | N-30 | - | (3,000) | - | - | - | Project not approved |
| 8 | Council webcasting | C-100 | - | (21,500) | - | - | - | Project deferred to start in 2021, operational costs start 2022 |
| 9 | Town Hall solar electrical panels | C-90 | - | 2,000 | 2,000 | 2,000 | 2,000 | Project not approved, revenue generation eliminated |
| 10 | Centennial Park diamond #4 fencing impr. | C-95 | - | (250) | (250) | - | - | Defer capital expenditure to 2022 |
| 11 | Eltham Rd sidewalk | C-103 | - | 200 | - | - | - | Increase to $10K and move ahead to 2020 |
| 12 | View Royal Park water fountain | C-96 | 100 | 200 | - | - | - | Bring forward to 2020 |
| 12 | Contributions to Future expenditure reserve | (162,979) | (185,038) | (190,750) | (196,570) | (202,500) | Equal amounts across all years | |
| 13 | Contributions to Capital Renewal reserve | 88,000 | (88,000) | - | - | - | Balancing to achieve target tax increases | |
| Total | (79,879) | (311,888) | (234,200) | (294,570) | (190,500) |
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2020-2024 Financial Plan, as revised
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Revised property tax revenue requirement | 8,998,605 | 9,512,582 | 9,836,639 | 10,115,597 | 10,467,446 |
| Non-market change estimate | 228,969 | 100,000 | 100,000 | 100,000 | 100,000 |
| Revised total property tax revenue | 9,227,574 | 9,612,582 | 9,936,639 | 10,215,597 | 10,567,446 |
| Revised % increase | 2.89% | 3.06% | 2.31% | 1.78% | 2.44% |
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Extracted from: 2020 04 14 Special Council Agenda - Agenda - Pdf