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2010 Budget Challenged with an economic climate that is impacting the City’s revenue streams, the approved budget focuses on continuing to fund programs.

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Presentation on theme: "2010 Budget Challenged with an economic climate that is impacting the City’s revenue streams, the approved budget focuses on continuing to fund programs."— Presentation transcript:

1 2010 Budget Challenged with an economic climate that is impacting the City’s revenue streams, the approved budget focuses on continuing to fund programs and services to meet the expectations of residents while deferring spending, where possible, to future years. 1

2 2 Summary  Similar to 2009, 2010 will be a difficult year  The current economic climate, meeting provincial growth targets and other budget drivers places a significant strain on the City’s finances, revenue streams, development charges, and investment income  To address these issues, we have curtailed spending where possible and made prudent use of the City’s reserve funds.  Our goal is to insulate taxpayers while maintaining service levels and preserving the City’s physical assets

3 2010 Budget Plan 40% 20% 3 % of Total Residential Tax Bill

4 4 Focus on Core Services  3,100 lane kilometers of road  4,149 acres of parkland Including sports fields, playgrounds, boulevards and buffers, pathways and trails, flowers and shrub beds.  74 corporate buildings  65 recreation and community facilities including arenas, pools, theatres, etc.  11 fire stations

5 5 Gross Expenditures by Dept. $408.2 million

6 Budget Priorities  Construction of Fire Station 212 in southwest Brampton  Implementation of the Züm bus rapid transit system  Planning and design of new Works Yards  Widening and construction of City roads  Improvements for Parks and Recreation  Federal / Provincial infrastructure stimulus funded projects  Continued asset repair & replacement program  Improvements to customer service – launch of City web portal

7 Capital Budget Summary by Program $241.4 million

8 Budget Budget Variance 2010 Current Budget Summary ($ millions) Total Expenditures $400.6 $408.2$ 7.6 Revenues ($400.6) ($400.9)$ 0.3 Net $ 0.0 $7.3$ 7.3  Since the City cannot budget for a deficit, net revenue shortfall of $7.3 million to be funded from increase in tax levy  The $7.3 million increase is less than 50% of the $14.8 million budget increase in 2009

9 2010 Budget Plan (for illustration only) 9 Note: City portion of total tax bill is approximately 40% 2.9% tax increase on the City portion of the residential tax bill translates into a 1.1% tax increase or $42 (approx.) on the total residential tax bill 2009 TAX BILL % BUDGET INCREASE 2010 TAX BILL * $ CHANGE % CHANGE IN TOTAL CITY$1,4452.9%$1,487$421.1% REGION$1,489tbd$1,489tbd EDUCATION$753tbd$753tbd TOTAL TAX BILL $3,687$3,729$421.1% * Based on average residential assessment value of $310,000

10 YOUR 2010 TAX BILL There are three components (Region, City and Education) to the overall tax bill of which the City of Brampton’s portion is 40%. For 2010, the City requires a budget increase of approximately 2.9% over 2009 levels to meet its operating and capital commitments, less than half of the increase approved last year. This means that, based on the City’s percentage of the overall tax bill, the City of Brampton is increasing taxes by 1.1% or an approximate $42 tax increase on an average residence assessed at $310,


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