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REPORT TO COUNCIL
FROM:
Gillis A Paterson
Director of Finance & Treasurer
DATE: May G, 1999
REPORT NUMBER: FIN 09-99
REVISED
SUBJECT:
1999 Current and Capital Budgets
RECOMMENDATION:
The Budget Committee recommend to Council that the 1999 Budget as amended by the Budget
Committee on April 28 and by Council on May 3, 1999, be approved as follows:
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I. a) the Revised 1999 Gross Current Budget of $40,122,349, including capital expenditures
from current revenues in the amount of $1,G09,533, with estimated revenues of
$15,452,719, savings of $65G,000 and debt financing of $2,203,483 (net of $100,000
Provincial Grant) resulting in a net levy of $21,092,147 and in an increase in the Tax Rate
of 0 per cent be adopted as presented;
b) the Director of Finance present the 1999 Tax Rates for adoption by Council when further
informati.on from the Region of Durham and the Province of Ontario is available;
c) effective July I, 1999 the fee for issuing Property Tax Certificates be increased from $50
to $GO per certificate.
2. a) the Revised 1999 Capital Expenditure Budget with a Gross Expenditure of$9,752,990 be
adopted as presented;
b) the following capital financing sources be approved as presented in the Revised 1999
Capital Budget:
Transfer from Current Fund to Capital
Fund $1,609,533
Federal Grant 51,350
Transfers from Reserve Funds
- Community Facilities
Development Charges
- Parkland Development
Debt
Millennium Trail Contributions
758,353
1,808,021
1,777,250
2,303,483
1,400,000
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Donations
45,000
$9.752.990
p.) the Fnur-Ye:lr r:lnit,,1 J:<nl'pt':l"t (?()()()_?()(11\ h" "nrln,'copr1 fA'- r;n~n~;~l nl~nn;nn "'.......~..~.
Report to Council FIN09-99 - REVISED
Date: May 6, 1999
Subject: 1999 Current & Capital Budgets
Page 2
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3. a) debt financing be approved [or the projects identified in the 1999 Capital Budgets in the
amount of: $348,000 for a period not to exceeding 5 years; and $1,855,483 for a period
not exceeding 10 years;
b) projects identified in the 1999 Capital Budget as being financed through the issuance of
debt be subject to additional, specific approval by Council o[ thc expenditure and the
financing be[ore proceeding;
4. the Tax Levy due dates [or the Final Billing be June 25, 1999 and September 28, 1999
excluding realty tax classes affected by Bill 79;
5. the Director o[ Finance &Treasurer be authorized to make any changes or undertake any
actions necessary in order to ensure the budget and tax billing process is completed;
6. any surplus current operating [unds at year end 1999 be translclTeu to the Rate Stabilization
Reserve;
7. the appropriate staf[ o[ the Town of Pickering given authority to give e[[ect thereto.
ORIGIN:
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Director o[ Finance & Treasurer
AUTHORITY:
The Municipal Act, R.S.O. 1990, as amended
FINANCIAL IMPLICATIONS:
If the Budgets arc adopted as presented there will be no increase in the Town's portion o[ the
property tax bill, excepting the effects of the continuing implementation of the Provincial Current
Value Assessment scheme. There is however, a projected increase in debt of $2,203,483 as a
result of prior years Provincial Downloading and the decline in the current [unds for capital
financing.
EXECUTIVE SUMMARY:
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Not Applicable.
Report to Council FIN09-99 - REVISED
Date: May 6, 1999
Subject: 1999 Current & Capital Budgets
Page 3
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BACKGROUND:
Current and Capital Budget Changes Subsequent to the Actions of the
Council Budget Meeting of April 28, 1999
Council Action
1. On May 3, 1999, Council approved the following changes to the 1999 Capital Budget for
the Parks and Facilities Department (account 2718-6129):
Waterfront Trail - an increase of $300,000
Millennium Trail- an increase of$2,600,000
(The above expenditures are being financed through a combination of reserves and
outside donations). The revenues, financing and expenditures are incorporated in the
revised budget documents and the above recommendations.
Staff Initiated Revisions
I. At the April 28 Budget Committee meeting, Council made the following changes:
. Added the IPS pedestrian crosswalk ($40,000).
. Deleted the south side of the Finch Avenue sidewalk ($15,000).
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The additional $25,000 cost was funded through a reduction to the General Government
Contingency Account.
ATTACHMENTS:
Not Applicable.
Prepared I Approved / Endorsed By:
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Gillis A. Paterson
Director of Finance & Treasurer
GAP/vw
Recommended for the consideration of
Pickering Town Council
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