02 - January 26, 2021 Budget Committee Agenda Package
Council Budget CommitteeMeeting
Agenda
Council Budget Committee
DRAFT MeetingMinutes
ATTENDEES:
1. CALL TO ORDER
2. APPROVALOFTHEAGENDA
RecordedVote
YesNo
3. APPROVALOFTHEMINUTES
RecordedVote
YesNo
4.DISCLOSURE OF PECUNIARY INTEREST
5.DELEGATIONS
6.BRIEFINGS AND REPORTS
6.1Presentation – Budget Committee Meeting #5 – Director of Financial
Services
7.OTHER BUSINESS
8.CORRESPONDENCE
9.DATE OF NEXT MEETING
ADJOURNMENT
RecordedVote
YesNo
January 26, 2021
Budget Committee # 6
Budget Presentation
mils)
to
2031
in
required
3.0
6.06.08.05.55.58.0
be
1
would
million
2030 would be $44 million with a 2030 residual
$8.0
-
Estimated Amount of New Debentures($
audit and a corresponding increase in debt
approximately
of
debt
Year
2020202120222023202420252031
2020 plan included $35 million in debt with ten year termsCurrent plan includes a significant increase in capital spending of $9 million as a result of the facility Total debt acquired
from 2020level of debt of $7.7 million after debt repaymentsFurtherpartially offset previous debt repayments
0.70.30.40.40.20.20.10.20.1
2.6
$mils
Facilities
Engineering/Economic DevelopmentCultural ServicesInterest IncomePILs and Supplemental TaxesSocial ServiceBenefitsAmbulanceMiscTotal
2.50.60.13.2
$ mils
Spending on projects being closed was $15.0 million against a budget of $18.2 million
EngineeringFacilitiesOtherTotal
of:
comprised
(increase of $5.3 million to $13.9 million)
is
Reserves
Position
et investment for capital assets (increased $7.0 million to $217.7 million)
N
Operating
Financial
Positive net income of $12.3 million increases the financial position to $231.6 millionThe
costs, Service Delivery Review
include COVID
could
million allocated to tax reduction would result in a lowering of
and broadband funding
0.4
Uses for reserve funding Initiatives Every $taxes by 0.1%