Budget Steering Committee 
 

DEPARTMENT:
Budget Steering Committee
REPORT NUMBER:
2018-14-BSC
PREPARED BY: Tracey Bailey, General Manager, Financial Services 
REPORT DATE: 01/31/2018
MEETING DATE: Feb 05, 2018 04:00 PM - Budget
 
SUBJECT:Property Tax Increase of the Average Residential Property Over the Term of the Financial Plan


 



PURPOSE

To provide further information regarding the change to property taxes of the average residential property over the term of the financial plan as requested at the meeting of January 25, 2018.



INFORMATION

Further to the information provided through the 2018 Operating Budget Overview presentation (see attached pages 6 and 7), the following Table provides the estimated taxes for the average residential property and the annual increase in taxes for the period 2018 through 2027 based on the Long Term Financial Plan (LTFP).



The LTFP represents a forecast of the City’s financial performance and position under a series of key assumptions that are used to project the City’s anticipated financial performance.

As a process that supports the City's overall planning, budgeting and evaluating structure, Administration intends to update the LTFP annually, based on:

    • The most recent operating and capital budgets, which will update the financial forecasts of revenues and expenditures by forming the base year for the remainder of the projection period;
    • The most recent financial position of the City, including but not limited to reserve and reserve fund balances, investment balances, long-term liabilities and debt outstanding, which will be used to form the base year for the remaining portion of the projection period; and
    • Revised key assumptions, which will reflect changes to the financial operating environment since the initial financial forecast considered in the LTFP.


















Approval

February 01, 2018 07:19 PM
Tracey Bailey
General Manager, Financial Services
February 01, 2018 08:41 PM
Maureen Adams
Chief Administrative Officer