Note: This item was dealt with under sub-item 6.1. Please see sub-item 6.1 for motion.
The Director of Financial Services provided an introduction to the presentation which outlined the process to develop the 2022 budget. The Manager, Accounting & Finance provided a presentation which outlined Council's budget targets for the 2022 budget, the guiding principles in the development of the budget and a summary of the operating and capital budgets. The presentation continued with a breakdown of the tax-supported operating budget, rate-supported operating budget and the capital budget, along with the impact to the average residential property. The presentation concluded with the next steps in the budget process.
Members of Council queried staff on the contingency reserve, the asset replacement fund, the effects of inflation on the budget, the increase on wastewater charges, the current assessment value of the average house in Newmarket, projects included in the capital budget that had been held over from the previous year, funds related to asset management and growth-related funds.