The Chief Administrative Officer provided an introduction. The Director Financial Services presented an overview of the budget, fiscal strategy, debt servicing, tax discretionary reserves, construction price index, asset replacement fund contributions, and historic tax increases. The Manager Finance and Accounting presented the preliminary draft budgets, guiding principles, tax supported operating budget, budget process, capital budget, rate supported operating budget for water, wastewater, and stormwater, monthly cost of service, project municipal levy, future risks, Bill 23, the More Homes Built Faster Act, 2022 and public engagement.
Members of Council asked queried staff regarding funding for water and wastewater asset replacement, and potential impacts of service reductions, federal grants for asset replacement, and additional household property tax impact charts.
Members of Council discussed generating ideas for potential service reductions, Bill 23, deferral of service reductions, revisiting prior audit recommendations for service changes, opportunities for revenue generation.