TAMRMS#: B06
title
Capital Funding Strategies
Presented by: Diane McMordie, Director, Finance & Assessment/CFO
label
RECOMMENDATION(S)
recommendation
That Council Policy C-FS-05 - Budget and Guiding Principles be amended to incorporate the following:
That effective for the 2020, 2021 and 2022 budget, the equivalent of a 1.50% property tax increase be included in the municipal tax requirement and specifically targeted to capital reserves to support the repair, maintenance and replacement of existing capital assets.
body
PURPOSE OF REPORT
To receive Council approval of a recommendation made during the June 10, 2019 Governance, Priorities and Finance Committee meeting relating to a three (3) year commitment of additional funding to capital reserves to support the Repair, Maintain, Replace capital plan.
ALIGNMENT TO PRIORITIES IN COUNCIL’S STRATEGIC PLAN
Strategic Priority #4: Infrastructure Investment: Identify and build needed capital assets.
Update and implement the Capital Plan based on an assessment of community needs and financial capacity, including a review of all funding options and shared use opportunities.
4.4
Identify an inventory of existing facilities including an assessment of condition and usability and identify gaps in land and facility supply and demand.
4.5
Adopt a total cost of ownership approach in assessing lifecycle of existing and new assets.
ALIGNMENT TO LEVELS OF SERVICE DELIVERY
Financial Planning
Stewardship of development of annual operating and capital budgets for Municipal and Utility operations.
Municipal Capital Budget Development:
Available capital dollars are used towards the repair, maintenance and replacement of existing assets prior to consideration of new capital growth projects and assets.
ALIGNMENT TO COUNCIL DIRECTION OR MANDATORY STATUTORY PROVISION
Municipal Government Act
283.1 (3) Each municipality must prepare a written plan respecting its anticipated capital property additions over a period of ...
Click here for full text