RH Budget Committee of the Whole meeting June 23rd

The Agenda for the Budget Committee of the Whole has been posted. This meeting is being held on Tuesday June 23rd at 1:30pm and it is live streamed and electronic delegations can be made.

Items on the agenda include:

Year-End Operating Results as of December 31, 2019

2019 Development Charges, Cash in Lieu of Parkland and Section 37 Community Benefits Reserve Funds Statement

2020 Operating Forecast / COVID-19 Pressures and Updated Cash Flow

  • Staff are estimating year-end deficit of $1.85 million on a $184 million expenditure budget. The projection to year-end factors the various closures and cancellations to City programs and services known as of May 30, 2020.

  • Pages 8 to 11 includes potential mitigating measures

2021 Capital & Operating Budget Strategy

  • The revised financial outlook projects a 2.84% tax rate increase in 2021. The increase provides for base budget pressures, the continued phasing in of investment income reduction and the public works enhancement program but more importantly, the anticipated impact of COVID-19 on the City’s Recreation program and the gradual recovery lasting into 2021.

  • In order to achieve a tax rate increase of no more than 0.5% in 2021 which is what Council requested, consideration may be given to utilize the tax rate stabilization reserve to fund the one-time COVID-19 related impact which will help alleviate some of the budgetary pressures. Further, prolonging the phasing in of the budget impact of the public works enhancement program and reduction of investment income and a review of the City’s operations and possible service level changes may be required.

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