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REPORT
TO COUNCIL |
2001 BUDGET COMPARED TO 10 YEAR PLAN |
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The 10 year capital plan developed by
the SFMPCAC estimated capital expenditures from reserves in 2001 of
$1,345,000 while the actual budget for this year amounted to $1,861,100.
The reasons for this increase were 1) additional funding made available to
equipment replacement, 2) the new RCMP building being constructed in 2001
as opposed to 2002, and 3) water and sewer projects were $375,000 more
than originally anticipated.
Capital out of revenue expenditures in the 10 year plan were estimated to be $331,000 but the actual budget for 2001 amounted to $424,500. Additions, such as the Gateway project ($144,650 - City share), Victoria Road signs ($35,000) and the Pearson Street crossing ($33,400) helped to increase the budget, while a reduction of about $100,000 in the road paving and patching budget compensated to some degree. Taxation revenue was projected to increase by 4%
in real terms The SFMPCAC report projected a General Operating Fund surplus of $194,145 in real terms while the actual result for the year was a surplus of $10,233. The SFMPCAC had recommended in their report that
sewer rates be increased by the inflation rate once they had reached their
target level. If this recommendation had been followed the residential
sewer rate would have had to increase from $155 to $157.60 in 2001 with a
similar percentage increase for commercial customers. Sewer rates were
left unchanged in 2001. Water rates were increased to $250 (from $225) in
2001 with a similar percentage increase in commercial rates in accordance
with the recommendations of the SFMPCAC. |
in 2001 by the SFMPCAC. This represented a 1% growth in the taxation base
together with a recommended 3% across the board tax increase. The actual
property tax increase for 2001 was 6%. The most significant reason for the
difference was a substantial increase in policing costs ($100,000 a year).
There was a 1.2% (2.12% - 2000) growth in assessment value due to new
construction which produced a 2.49% (4.42% - 2000) increase in taxation
revenue. The overall actual increase in taxation revenue growth for 2001
amounted to 8.48% (7.49% - 2000) , i.e. 2.48% more (3.49% more - 2000)
than that projected by the SFMPCAC. It is evident from the foregoing
figures how difficult it is to project future property tax revenues due to
the sporadic nature of new construction.[Introduction]
[General Fund Debt per
Capita] [General Fund Expenditures]
[Revenue Sources] [Capital
Expenditures] [Reserves & Surpluses] |
