TAMRMS#: B06
6.1
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Budget Adjustments
Presented by: Anne Victoor, Manager, Financial Services, Financial Services & Information Technology
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RECOMMENDED MOTIONS
recommendation
1. That $69,000 of additional Growth Assessment Revenue be transferred to the Growth Stabilization Reserve.
2. That the 2021 final Consolidated Municipal and Utility Budget in the amount of $288,088,200 and the Net Tax Requirement of $112,044,200 as shown in the attachment titled “2021 Adjusted Consolidated Budget” be approved
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PURPOSE OF REPORT
The purpose of this report is for Council to review Administration’s recommended amendments to the approved Operating Budget, prior to the finalization of the annual tax levy.
ALIGNMENT TO PRIORITIES IN COUNCIL’S STRATEGIC PLAN
Strategic Priority #1: Growth Policy Framework: Develop a robust policy framework to guide growth.
Strategic Priority #4: Infrastructure Investment: Identify and build needed capital assets.
ALIGNMENT TO LEVELS OF SERVICE DELIVERY
Financial Planning
Stewardship of development of annual operating and capital budgets for Municipal and Utility operations.
The approved operating and capital budgets shall serve as the financial plan for the City and provide Administration with the direction and resources necessary to accomplish Council’s strategic direction and Council approved services and service levels in accordance with the Services and Service Levels Inventory
ALIGNMENT TO COUNCIL DIRECTION OR MANDATORY STATUTORY PROVISION
N/A.
BACKGROUND AND DISCUSSION
On December 21, 2020 Council approved a Consolidated Municipal and Utility Budget of $288,019,200 representing a net tax requirement of $111,975,200 resulting in a 0.7% increase.
Prior to the presentation of the annual Tax Bylaw for consideration, Administration presents proposed adjustments to the budget. Amendments can arise due to circumstances that may have changed subsequent to the preparation/approval of the budgets, adjustments to estima...
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