2024 Budget Assumptions and Revenue Information

The 2024 budget for Prescott includes revenue information such as the Ontario Municipal Partnership Fund (OMPF) and Ontario Community Infrastructure Fund (OCIF). The OMPF grant has increased for Prescott, while the OCIF is going through a redesign process. Other revenue sources like interest on high-interest savings accounts and outstanding property taxes are stable. However, Provincial Offenses revenue has not fully recovered from pre-COVID levels. The budget timeline outlines key dates for various services and projects.

• Budget
• Revenue
• Prescott
• Ontario
• Municipalities

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Presentation Transcript

1. 2024 Budget Assumptions & Information November 20, 2023

2. Topics Timelines Revenue Assumptions and Information Expense Assumptions and Information Property Tax Levy Target

3. Timelines December 11 February 20 January 2 January 15 February 5 March 4 Health Services Social Services Administration Protective Services Transportation Park & Recreation Environmental Water and Wastewater Planning & Development Revenue Taxation Operational budget review and alignment Project budget review and alignment Review initial project list for feedback Prioritize project list

4. Revenue Ontario Municipal Partnership Fund (OMPF) The OMPF is the Province s main general assistance grant to municipalities. The program primarily supports northern and rural municipalities across the province. Its objectives are to: recognize the challenges of northern and rural municipalities, while targeting funding to those with more challenging fiscal circumstances support areas with limited property assessment assist municipalities that are adjusting to year over year funding changes In 2024 Prescott will receive $1,597,700 as an OMPF Grant which is an increase of $9,300 from 2023

5. Revenue Ontario Community Infrastructure Fund (OCIF) The Ontario Community Infrastructure Fund is going through a redesign which started in 2022 In 2022 Provincial Government increased the OCIF Funding envelope from $200 million to $400 million For Prescott this resulted in an increase from $267,026 to $548,790 Starting with the 2023 allocations, the formula will be calculated using forward- looking Current Replacement Values (CRVs) and CRV estimates to approximate requirements to maintain municipal core infrastructure assets, instead of closing cost balance values from the Financial Information Return. For Prescott this resulted in a decrease from $548,790 to $475,860 This grant is used for annual repaving projects, and in 2022 and 2023 a portion was used to fund the Bridge Rehabilitation Project Prescott has not received the allocation for 2024 as of yet

6. Revenue Other Revenues Interest on High Interest Savings Account is expected to remain relatively high for 2024 with a chance of incremental decreases Outstanding Property Taxes Receivables are stable Provincial Offenses revenue which is administered by the United Counties of Leeds and Grenville has not recovered to pre-COVID levels in 2023

7. Revenue Property Taxes Scheduled property tax revaluation which was to be implemented in 2021 has been postponed to an unknown future date 2020 Property assessment values will remain unchanged for 2024 which are based on 2016 current value assessments Therefore, there will be no natural increase through assessment value growth in 2024, except for new builds and renovations Each 1% increase in the property tax levy equates to approximately $55,000 in additional revenue

8. Expense Consumer Price Index (CPI) is at 3.8% as of September 2023 and an 12-month average of 6.8% Water and Wastewater Treatment Plant Agreement increasing by $102,285 CUPE & Non-Union salaries to increase by 2.5% as per collective agreement or $55,000 Employee benefits renewal decrease by 1.6% or $5,279 Canada Pension Plan Maximum Canada Pension Plan Contributions will increase by $113.05 which is a 3% increase from 2023 New Canada Pension Plan 2 contribution to a maximum of $188 which is a 5% increase from the 2023

9. Expense Liability & Property Insurance Changed insurance providers in 2023 saving 29% or $100,836 in annual premiums Property insurance premiums on new arena $33,040 offsets savings Assume a 5% increase in premiums in 2024 or $13,995 Joint Services expenses will assume an increase of 8.0% or $49,390 Paramedic Services - $23,231 Ontario Works Program - $10,145 Children s Services - $3,564 Community Housing - $12,450 Public Health will assume an increase of 5.0% or $4,455

10. Expense St. Lawrence Lodge expenses will assume increase of 10% or $20,638 Ontario Provincial Police will be $1,196,676 as per billing statement Decrease of $14,287 from 2023 or 1.18%

11. Property Tax Target 2020 Property Tax increase was 0% 2021 Property Tax increase was 1.25% Included 1% increase dedicated to Infrastructure Funding 2022 Property Tax increase was 2.85% Included 1% increase dedicated to Infrastructure Funding 2023 Property Tax increase was 3.68% Included 1% increase dedicated to Infrastructure 2024 Is there an initial property tax percentage target range Council wishes to establish?