This item was discussed earlier in the meeting after delegations.
Mayor Meed Ward passed the gavel to Deputy Mayor Kelvin Galbraith to chair this portion of the meeting so she may answer questions regarding the Mayor's Budget 2024 (MO-02-23) through the Chair.
Receive the Mayor’s 2024 Operating Budget with a proposed net tax levy amount of $243,400,298, and present the budget to the Nov. 21 and Nov. 23 (if required) CSSRA - Budget Committee for review and any amendments made by Council; and
Receive the Mayor’s 2024 Capital Budget with a gross amount of $88,556,830, a debenture requirement of $6,900,000, and the 2025-2033 capital forecast with a gross amount of $859,123,570, and a debenture requirement of $24,950,000 as outlined in the 2024 Financial Needs and Multi-Year Forecast (F-35-23) as amended by Council; and
That the following items a, b, c and d are subject to any amendments made at the CSSRA Budget Committee November 21, and November 23 and associated Council meeting:
a. Administer the debenture in the amount of $6,900,000 in 2024 as tax supported debt; and
b. Incorporate the 2024 financial needs and multi-year forecast overview (F-35-23) and accompanying reference document into the Mayor’s 2024 Budget, as amended and noted; and
c. Approve that any surplus or deficit resulting from a difference between the actual net assessment growth and the estimated 0.75% net assessment growth be transferred to/from the Tax Rate Stabilization Reserve Fund; and
d. Declare that, in accordance with sis. 5(1)5 of the Development Charges Act, 1997 and s. 5 of Ontario Regulation 82/98, it is council’s clear intention that the excess capacity provided by the above-referenced works will be paid for by future development charges.