By Pepper Parr
February 6th, 2023
BURLINGTON, ON
Council begins the hard part of crafting a budget. They have set aside three days to get the job done.
Today’s meeting will reconvene on Tuesday, February 7 and Thursday February 9, 2023, if required.
The objective is to:
Approve the 2023 Operating Budget including any budget amendments approved by the Corporate Services, Strategy, Risk and Accountability Committee to be applied against the proposed net tax levy amount of $217,352,545; and
Approve the 2023 Capital Budget for the City of Burlington, with a gross amount of $72,572,264 with a debenture requirement of $5,500,000, and the 2024-2032 capital forecast with a gross amount of $805,460,537 with a debenture requirement of $35,725,000 as outlined in a staff report and as amended by the Corporate Services, Strategy, Risk & Accountability Committee; and
Approve that if the actual net assessment growth is different than the estimated 0.60%, any increase in tax dollars generated from the City portion of assessment growth from the previous year be transferred to the Tax Rate Stabilization Reserve Fund or any decrease in tax dollars generated from the City portion of assessment growth from the previous year be funded from the Tax Rate Stabilization Reserve Fund; and
Administer the debenture in the amount of $5,500,000 in 2023 as tax supported debt; and
Declare that, in accordance with sis. 5(1)5 of the Development Charges Act, 1997 and s. 5 of Ontario Regulation 82/98, it is Council’s clear intention that the excess capacity provided by the above-referenced works will be paid for by future development charges.
At some point they will move into a CLOSED session in accordance with the Municipal Act, 2001 to discuss Confidential legal services department memo regarding contingency reserve fund projections
