TAMRMS#: B06
7.3
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Budget Adjustment
Presented by: Suzanne Findlay, Manager, Financial Services, Financial & Strategic Services
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RECOMMENDED MOTION(S)
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1. That $257,400 of Assessment Growth Revenue be transferred to the Growth Stabilization Reserve.
2. That the 2024 final Consolidated Municipal and Utility Budget in the amount of $318,617,500 and the Net Tax Requirement of $134,204,700 as shown in the attachment titled "2024 Adjusted Consolidated Municipal & Utility Budget" be approved.
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PURPOSE OF REPORT
The purpose of this report is for Council to approve Administration's recommended amendments to the approved Operation Budget prior to the finalization of the annual tax levy.
BACKGROUND AND DISCUSSION
On December 19, 2023 Council approved a Consolidated Municipal and Utility Budget of $318,424,400 and a net tax requirement of $134,112,500 which resulted in an average property tax increase of $226 per year or 5.5% for an average house valued at $500,000.
Prior to the presentation of the annual Tax Bylaw for Council's consideration, Administration presents proposed adjustments to the budgets upon which the Tax Bylaw rates are based. Amendments can arise due to circumstances that have changed subsequent to the preparation/approval of the budget, adjustments to estimates, Council motions with spending implications, or new requirements of an emergent nature.
For 2024 Administration is recommending the following adjustments before the 2024 Tax Bylaw is passed.
Assessment Growth - increase of $468,000
In finalizing the 2023 Assessment Roll, the total weighted assessment growth rate was 2.24%
As per policy, Assessment Growth revenue will be applied as follows:
-25% to offset the base - $117,000
-20% as a contribution to lifecycle reserves - $93,600
-55% transferred to the Growth Stabilizaition Reserve - $257,400
As the reduction in the tax requirement from assessment growth is managed through the increased Assessment...
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