The change to the 2020 forecasted financial position arose through the month of October during detailed budget reviews and the emergence of new information. More detailed information will be contained in the Financial Impact Update report scheduled for the regular monthly Council meeting on Monday Nov 23, 2020.
Budget deliberations will begin Fri Nov 27th, with two other meetings planned Fri Dec 4th and Fri Dec 11th
2021 Operating Budget being presented to Council reflects a 2.39% increase over the 2020 Approved Budget.
• The 2021 Operating Budget includes a reduction in Operating Revenue of $4.421 million.
• The 2021 Operating Budget includes decreased Operating Expenses of $0.831 million.
THE REDUCED REVENUE, LESS THE DECREASE IN EXPENSES AMOUNTS TO A
2021 $3,590,000 and a 2.29% levy increase over the City's 2020 budget.
This is similar to staff budget submissions in the past 4 years
2017 $3,175,800 and 2.50% levy increase over the City's 2016 budget;
2018 $3.111,700 and 2.26% levy increase over the City's 2017 budget;
2019 $3,557,300 and 2.52% levy increase over the City's 2018 budget;
2020 $3,162,400 and 2.16% levy increase over the City's 2019 budget.
Note that the 2021 Budget would look very different due to COVID-19 if the City had not received the $4 Million Safe Restart funding from the Province/Federal Government program in September as there were approximately $7 Million in lost revenues
Below the dollars up and dollars down overview of the Operating Budget is the Capital Budget Overview, with over $33 Million proposed to be spent on capital projects. Below that are the funding sources for the $33 Million Capital Budget.
Budget deliberations will begin Fri Nov 27th, with two other meetings planned Fri Dec 4th and Fri Dec 11th
2021 Operating Budget being presented to Council reflects a 2.39% increase over the 2020 Approved Budget.
• The 2021 Operating Budget includes a reduction in Operating Revenue of $4.421 million.
• The 2021 Operating Budget includes decreased Operating Expenses of $0.831 million.
THE REDUCED REVENUE, LESS THE DECREASE IN EXPENSES AMOUNTS TO A
2021 $3,590,000 and a 2.29% levy increase over the City's 2020 budget.
This is similar to staff budget submissions in the past 4 years
2017 $3,175,800 and 2.50% levy increase over the City's 2016 budget;
2018 $3.111,700 and 2.26% levy increase over the City's 2017 budget;
2019 $3,557,300 and 2.52% levy increase over the City's 2018 budget;
2020 $3,162,400 and 2.16% levy increase over the City's 2019 budget.
Note that the 2021 Budget would look very different due to COVID-19 if the City had not received the $4 Million Safe Restart funding from the Province/Federal Government program in September as there were approximately $7 Million in lost revenues
Below the dollars up and dollars down overview of the Operating Budget is the Capital Budget Overview, with over $33 Million proposed to be spent on capital projects. Below that are the funding sources for the $33 Million Capital Budget.
