Capital Budget and Long Range Capital Forecast January 17, 2019 - - PowerPoint PPT Presentation

Capital Budget and Long Range Capital Forecast

ajax.ca

January 17, 2019

Agenda

1. Budget / Forecast Overview 2. Definition 3. Funding 4. Production 5. Presentation 6. Council Approval 7. Delivery of Capital Plan 8. Pressures 9. 2019 Budget Highlights

• 10. Public Budget Meeting

Capital Budget

2

Budget and Forecast Overview

1

3

Operating Budget Forecast

General Levy Forecast

Prior Year’s Capital Budget & Long Range Capital Forecast Current Year Operating Budget Current Year Capital Budget &LRCF In-year Service Delivery Operating Budget Management Capital Expenditure Control

Recommended New/Expanded Programs/Services Recommended FT/PT Staff Requests

Master Plans, Studies & Strategies

4

Definition

2

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Capital Budget and Long Range Capital Forecast

Capital Budget/Long Range Capital Forecast is:

• Funding for the design, acquisition and maintenance
• f new and existing capital infrastructure and other

projects including:

• Buildings
• Parks
• Vehicles and equipment
• Road network
• Technology
• Master plans, studies and strategies

6

Capital Budget and Long Range Capital Forecast

Council approves:

• Current Year Capital Budget and;
• Four Year Long Range Capital Forecast (LRCF)
• The LRCF is updated each year as part of the

annual budget process The Capital Budget and LRCF is fully funded, from a variety of sources, based on funds currently available plus projected future revenues

7

Funding

• F i n a n c i a l S u s t a i n a b i l i t y P l a n
• D i s c r e t i o n a r y C a p i t a l

R e s e r v e s

• R e v e n u e S o u r c e s - C a p i t a l

R e s e r v e s

• D e b t
• R e s e r v e F u n d s
• O t h e r

3

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Financial Sustainability Plan

The Financial Sustainability Plan (FSP), implemented in 2014, has guided strategic financial planning ensuring short and long term financial strength and sustainability Relative to the Capital Plan, the FSP defines:

• Capital reserves, including use and revenue sources
• Long term debt management

9

Discretionary Capital Reserves

The Discretionary Capital Reserves Policy #123 establishes the revenue sources and use of discretionary capital reserves There are a total of 11 capital reserves of which 7 actively fund the capital budget and LRCF

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Discretionary Capital Reserves

The 4 inactive reserves are as follows:

Reserve Use Revenue Source Capital Contingency Town’s share of capital grant programs Unbudgeted Capital Expenditures Operating Budget Surplus CIP Development Improvement Capital projects within Downtown CIP Disposal/sale of land 20% of building permit fees for projects in Downtown CIP (0% from priority sites) Debt Repayment Offset the operating budget impact of existing debt payment Development Charges User fees Post Growth Capital Not an active/current funding source Up to 15% of assessment growth Annual surplus from Supplementary Tax Revenue

11

Discretionary Capital Reserves

The 7 active reserves are as follows:

Reserve Use Revenue Source

Building Maintenance Maintenance/repair/ rehabilitation of existing buildings and facilities (includes surrounding campus) Renovations to existing buildings General Levy Budget Allocation 10% of Slots Revenue 20% of Veridian Revenue Portion of the tax room on retired long term debt Debt Reduction (Slots) Reduce the amount of long term debt issued Offset the operating budget impact of existing debt payment 25% of Slots Revenue Development Town’s share of DC projects New infrastructure not eligible for DC Funding Waterfront & Shoreline Improvements General Levy Budget Allocation 25% of Slots Revenue 20% of Veridian Revenue General Infrastructure Maintenance/repair/rehabilitation of all

• ther infrastructure not fundable by

Building Maintenance General Levy Budget Allocation 10% of Slots Revenue 15% of Veridian Revenue

12

Discretionary Capital Reserves

The 7 active reserves are as follows (con’t):

Reserve Use Revenue Source

Roads Maintenance Repair/maintenance/rehabilitation of roads and related infrastructure General Levy Budget Allocation 10% of Slots Revenue 15% of Veridian Revenue Strategic Initiatives Master plans, strategies, studies Traffic Calming Community Action Plan capital projects New Software Art in public spaces General Levy Budget Allocation 5% of Slots Revenue 5% of Veridian Revenue Vehicle and Equipment Replacement Replacement of Vehicles and equipment including information technology, fire and recreation equipment General Levy Budget Allocation Sale of used and surplus vehicles and equipment 25% of Slots Revenue 20% of Veridian Revenue

13

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Reserve Contributions by Source

$5,631,900 $2,470,100 $7,687,500

General Levy Veridian Slots

2019 Budget - $15,789,500

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15

$1,657,900 $1,567,800 $908,600 $781,600 $387,000 $200,000 $69,000 $60,000

Veh./Equip. Replacement Roads Maintenance General Infrastructure Mtce. Building Maintenance Strategic Initiatives Development Post Growth Election

General Levy – Allocations to Reserves

2019 Budget - $5,631,900

• Increase of $92,000 from 2018 budget, from Assessment Growth
• Increase allocated to 4 reserves – Building Maintenance, Roads, General

Infrastructure and Post Growth

15

16

$617,600 $494,000 $494,000 $370,500 $370,500 $123,500

Veh./Equip. Replacement Building Maintenance Development Roads Maintenance General Infrastructure Mtce. Strategic Initiatives

Veridian – Allocations to Reserves

• 100% of Veridian revenues are allocated to capital reserves
• No change from the 2018 budget

2019 Budget - $2,470,100

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$1,847,200 $1,847,000 $1,108,300 $738,900 $738,900 $738,900 $369,400 $298,900

Development Debt Reduction Veh./Equip. Replacement Roads Maintenance General Infrastructure Mtce. Building Maintenance Strategic Initiatives Operating Budget

Slots – Allocations to Reserves

• 96% of the Slots revenue is allocated to capital reserves
• No change to 2018 budget

2019 Budget - $7,687,500

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Revenue Allocations to Reserves

$0.0 $0.5 $1.0 $1.5 $2.0 $2.5 $3.0 $3.5 $4.0

Millions

Slots Veridian General Levy

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Capital Funding – Debt

The Long Term Debt Management Policy #124 includes guidelines for:

• Purposes
• Term
• Maximum Amount
• Type
• Use of tax room from retired debt

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Capital Funding – Debt

• Purposes:
• Construction of new buildings
• Expansion or major repurposing of existing buildings
• Term:
• Goal is 15 year term
• Recommendation of different terms may occur

depending on interest rates, amount of debt and future requirements and retirements

• Maximum Amount:
• Internal debt only - maximum of $3.0M
• Internal & External – shall not exceed 30% of the cost
• f construction (excludes design fees and land

acquisition)

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Capital Funding – Debt

• Type:
• External – a debenture issued by the Region of

Durham

• Internal – borrowing from the Town’s discretionary

reserves; requires approval by the Region of Durham

• Use of tax room from retired debt:
• Tax room created from retired debt shall be

converted to General Levy Reserve Allocations to the:

• Debt Repayment Reserve
• Building Maintenance Reserve

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Capital Funding - Reserve Funds

Reserve Funds (Statutory/Obligatory):

• Development Charges
• Federal Gas Tax
• Parkland (Cash in Lieu)

All reserve funds have restrictions on use through legislation and/or agreements

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Reserve Funds – Development Charges

In accordance with the legislation, Development Charge Act, 1997, every 5 years, the Town updates the Development Charge Background Study and By-law The background study, outlines the estimated amount, type and location of development within a municipality, and the related calculations of how the new development will affect municipal services. The completion of the background study typically takes about 1 year and includes stakeholder consultations as well as a mandatory public meeting and notices.

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Reserve Funds – Development Charges

Development charges are collected to support the following service categories:

• Transportation Services
• Fire Services
• Parks and Recreation Services
• Library Services
• Administration Services

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Reserve Funds – Development Charges

The most recent DC By-law came into effect as of July 16, 2018 with the following charges:

Residential Type Town of Ajax DC Single Detached $24,978 Semi-detached $24,978 Apartment, two bedrooms or more $12,015 Apartment, less than 2 bedrooms $7,552 Other (townhouse, link) $19,724 Non Residential Town of Ajax DC Commercial, Industrial, Institutional $6.43 per square foot

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Reserve Funds – Development Charges

Collection of Development Charges:

• Development charges are collected at the time of

building permit issuance

• Every year, forecasts for the collection of Development

Charges are done based on existing and anticipated planning applications with input from developers

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Reserve Funds – Development Charges

Use of Development Charges:

• All projects eligible for development charge funding

have a portion of costs that must be funded by reserves/tax base

• This portion is related to a statutory deduction and / or if

there is a benefit to existing residents/development

• If there is not sufficient development charges funding

available, projects will be deferred or funded through reserves

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Reserve Funds – Federal Gas Tax

The Federal Gas Tax Fund (FGT) is:

• A permanent, predictable and long-term source of

funding for municipalities

• Used to support local infrastructure priorities while

improving environmental sustainability, asset management planning and economic growth

• From 2019 to 2023, Ajax will be allocated $18.8M

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Reserve Funds – Federal Gas Tax

The Association of Municipalities Ontario (AMO) administers the Federal Gas Tax program including:

• Municipal Agreements
• Effective for 10 years commencing April 1, 2014
• Distribution of funds to municipalities
• Reporting
• Rigorous reporting requirements includes project

scope and outcome and output indicators Staff completes an annual report on FGT expenditures which is presented to Council each year and posted on the website

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Reserve Funds – Federal Gas Tax

Federal Gas Tax Funding supports:

• Community Energy Systems
• Local Roads
• Town portion of DC projects
• New / expanded Recreation Facilities and Sportsfields
• Advancing Asset Management practices and long term

planning

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Reserve Funds – Federal Gas Tax

Some recent examples of the use of FGT include:

• LED Streetlight Conversion
• Audley Recreation Centre – LEED Certification
• Local Road Resurfacing
• Lighting retrofits including town buildings, walkways,

parks and sportsfields

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Reserve Funds – Parkland

Parkland Reserve Fund:

• Funding through planning applications
• In the simplest form:
• Collects funds from developer where park land

requirements are less than required

• Able to use funds to compensate for over dedication
• r to purchase park lands
• Uses are restricted and in accordance with the Planning

Act

• No identified funding requirements in the 5 year capital

plan

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Capital Funding – Other

Capital Projects can also receive funding from:

• Stormwater Maintenance Reserve
• No sustainable funding source
• Cannot support projects after 2021
• Building Approval Reserve
• Limited application to capital related to Building

Approvals such as vehicles

• External Sources
• Region of Durham, TRCA
• Developers
• Grants

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Production

• T i m e t a b l e
• E n g a g e m e n t
• C a p i t a l P r e S u b m i s s i o n
• S p e n d i n g C a p s
• R e v i e w – S e n i o r

M a n a g e m e n t Te a m

• P r e B u d g e t A p p r o v a l

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Capital Plan Timetable

Key Capital Budget/LRCF dates:

1. June:

• Capital Pre-submission meetings – includes

identification of new projects and substantial cost or scope changes of existing projects 2. September:

• Senior Management Team review of results of capital

pre-submission meetings and Council List 3. November:

• Senior Management Team review of capital funding

and cash flows 4. December:

• Public Budget Meeting and Council Approval

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Engagement

Public Council Staff Developers Plans

Department Financing SMT Review Council Approval Implementation

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Capital Pre-Submission Meetings

Departments review previous years LRCF for:

• Timing changes
• Scope and costing revisions
• New projects to be added

Considerations include:

• Priority – based on inspections, safety concerns,

engagement feedback

• Changes in the municipal environment – such as

Region project timing, legislation, environmental

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Capital Pre-Submission Meetings

• Pre submission is presented by each department to

a corporate team including staff from Finance, Operations, and IT.

• Department moves forward with costing of all newly

identified projects

• Council is able to submit to departments requests for
• perating and capital items. Items moving forward

become the Council List and are fully costed

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Capital Pre-Submission Meetings

• Senior Management Team reviews the Capital Pre-

submission and Council List and provides direction for inclusion in the capital budget / LRCF

• Capital budget submissions from Departments

include:

• Capital detail sheets
• Description and scope of project
• Timing
• Cost and funding
• Finance compiles revenue forecasts and calculates

spending caps and cash flows

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Spending Caps

• In accordance with the FSP, other than Debt Reduction

(Slots) Reserve, the active capital reserves have a spending gap guideline of 65% of the reserve’s annual forecast total revenues

• Occasionally exceeding the cap by 2-3% in a single

year is considered reasonable

• Some projects are excluded from spending cap limits.

This happens where a single project would utilize most

• r all of the annual capped funding (e.g. major building

rehabilitation/ maintenance). This will need to be addressed through the completion of the Asset Management Plan.

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Spending Caps

The principles of the spending cap guideline are to:

• Provide staff with funding guidelines in the

development of the capital budget/forecast

• Ensure growth of reserves, year over year, by not

spending 100% or more of annual reserve revenues

• Allow for fiscally responsible response to emergency

repairs/situations, grant opportunities, or other unanticipated events

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Spending Caps

Why is growth of reserves important?

• Builds capacity and flexibility to invest in medium and long

term requirements

• Able to fund over or unbudgeted projects
• Builds funding capacity for single large dollar infrastructure

projects

• Provides some protection against revenue uncertainties
• Recognizes the Town’s current infrastructure was mostly

installed after 1990 and retains most of its useful life

• Prepares for the implementation of the Asset Management

Plan which will demonstrate substantial annual funding shortfalls for infrastructure

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Review – Senior Management Team

The final review of the capital budget and LRCF is undertaken by SMT in November each year and may include:

• Adding or deleting projects based on events since the

capital pre submission review

• Determine changes to timing of projects based on

spend cap guidelines and cash flows

• As much as possible, ensure the timing of projects

remain consistent with priorities and external factors such as Region works

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Pre-Budget Approval of Capital Projects

• There are limited occasions when a capital project will

require pre budget approval

• Requests for pre budget approval must be submitted as

a General Government Committee Report

• The need for pre budget approval are typically timing

related where the completion of the project is affected by:

• Facility shut down/impacts on residents/businesses
• Weather and environmental considerations
• Industry production schedules (e.g. vehicles)
• Complementary works being completed by the

Region or developers

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Presentation

• B u d g e t R e p o r t
• P r o j e c t L i s t i n g
• C a t e g o r i e s a n d T y p e s
• D e t a i l S h e e t s
• F i n a n c i n g S u m m a r y
• C o n t i n u i t y S c h e d u l e s

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Budget Report and Project Listing

• The capital budget report is written and submitted by

the Director of Finance to support the approval of the Capital Budget and LRCF as well as the General Levy Reserve Allocations

• The current year General Levy Reserve Allocations

cannot be changed subsequent to Council ratification

• The capital budget/LRCF project listing shows:
• Name of each project
• Category and type
• Cost
• Year of funding

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Capital Project Categories

Projects are presented by Category:

• Studies and Other Initiatives
• Technology
• Town Buildings
• Parking Lots
• Parks & Open Spaces
• Vehicles & Equipment
• Road Network
• Bridges & Culverts
• Storm Water Network

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Capital Project Types

Project Type Description Studies

• Typically only consulting fees
• Usually involve assessment, inventories, etc. to inform

possible course(s) of action New

• Asset did not previously exist

Rehabilitation

• Expansion or change in use of existing asset
• Typically will require a design component
• Current condition of the asset requires major restoration
• r project will extend the useful life of the asset
• Includes both reconstruction and retrofit

Replacement

• Replacement is one for one; similar use/capacity
• Used only in Technology and Vehicle & Equipment

categories Maintenance

• Is not rehabilitation
• Maintains expected life of asset

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Capital Detail Sheets

• Capital Detail Sheets include important information
• n the capital project(s):
• Department/Section
• Project name
• Start Year
• Scope and rationale
• Description
• If applicable, references to plans or studies
• Total cost
• Source of funding
• Detail sheets are linked to the project listing for easy

navigation

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Financing Summary

• As an alternative view of the project list, projects are

grouped by:

• Funding source
• Category and type
• Year

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Continuities

• Include both Capital Reserves and Reserve Funds:
• Opening and closing balances for 5 years
• Contributions
• Development
• General Levy, Slots, Veridian
• Federal Gas Tax
• Interest
• Withdrawals
• Capital funding
• Transfer to Debt Repayment Reserve

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Council Approval

• P u b l i c B u d g e t M e e t i n g
• R a t i f i c a t i o n

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Public Budget Meeting

• The public budget meeting notice is posted on the

Town’s website as well as advertised for 4 consecutive weeks on the Community Page in the News Advertiser prior to the meeting

• The capital budget and LRCF are published on the

website 1 week prior to the Public Meeting

• Public meeting includes:
• Opening comments from Budget Chair
• Presentation by Director of Finance/Treasurer
• Opening and Closing Public Comments and

Questions

• Debate and Questions by Council
• Budget Recommendation

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Council Ratification

• At the Council meeting following the Public Budget

Meeting, Council will ratify the budget with any amendments required

• The following day staff is able to proceed with the

capital plan

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Delivery of Capital Plan

• C a p i t a l E x p e n d i t u r e

C o n t r o l P o l i c y

• A w a r d s
• R e p o r t i n g
• U n b u d g e t e d / E m e r g e n c y

P r o j e c t s

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Capital Expenditure Policy

• Over arching financial policy to ensure appropriate

approvals are acquired and funding sources identified for capital expenditures

• The policy details the responsibility, reporting and

funding for contract awards, over budget projects both before and after award and unbudgeted and emergency purchases

• Updates of the Capital Expenditure Policy are

completed and presented to Council as required

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Capital Project Contract Awards

• It is the responsibility of Council to award contracts

for:

• All capital project contracts over $250,000

(inclusive of taxes)

• Unbudgeted capital projects, with a total project

cost over $75,000

• Projects projected to be over budget in excess of

$75,000

• Projects where there has been a material change in

scope or where another project has been cancelled in order to free up budget funding

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Reporting

• The Financial Sustainability Plan identifies reporting to

Council on the results of capital account closings

• There are typically two capital account closings

annually, the first one as of August 31 and the second one as of December 31

• The closing report indicates, on a project by project

basis, the final balances of capital project accounts which have been completed or cancelled.

• Any required additional funding for closed accounts

must be approved by Council

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Reporting

• The Financial Sustainability Plan also identifies

reporting to Council where the original contract was awarded at General Government Committee and:

• Approved spending limit on contract award was

exceeded by more than $5,000; or

• The total project approved spending limit was more

than $5,000

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Unbudgeted/Emergency Purchases

Unbudgeted:

• Identified outside of capital budget process
• Can be result of grant opportunities
• May not be an emergency but cannot wait for the next

budget cycle due to weather, facility shut down, etc

• Reported as part of the capital account closing report for

funding

Emergency:

• Policy provides staff the ability to react and take the

necessary steps to deal with an emergency

• May be capital or operating expense
• Reporting must be completed (Staff Contract Award Report)
• If a capital emergency, will be reported as part of the capital

account closing report for funding

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Pressures

• S l o t s R e v e n u e
• C o s t o f C o n s t r u c t i o n
• A s s e t M a n a g e m e n t P l a n
• R e s e r v e s
• D e v e l o p m e n t C h a r g e s
• C a p i t a l C o n t i n g e n c y

R e s e r v e

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Pressures- Slots Revenue

• The reduction of future revenues will be driven by:
• Timing of the reduction of slot machines
• Changes in attendance and use with the proximity and
• fferings of Durham Live
• Impacts/considerations of lower slots revenue include:
• Ensure all funding to the operating budget is sustainable
• Changes to reserve allocation structure
• Less funding available for Audley Recreation Centre Ph 3
• Additional tax levy increase to support capital reserves
• Reduction or deferral of capital projects
• For the 2019 Capital Budget/2020 to 2023 LRCF the

assumption used was that slots revenue would decrease by approximately 50% starting in 2021

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Pressures- Cost of Construction

• We see evidence in the increasing cost of construction

through:

• Competitive responses to bid documents exceeding

budget

• Compilation of the Development Charge Background

Study showed significant increases in costs based on recent projects

• High demand created by the number and size of

construction projects across the Region such as the 407 construction

• Spending caps do not go as far with increasing construction

costs

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Pressures- Asset Management Plan

• The legislation for municipal Asset Management Planning is

easily the most significant financial legislative impact facing all municipalities

• As difficult as the requirements of the legislation are to

implement, the Asset Management Plan will be an essential tool in understanding the caretaking of assets and the associated financial planning required

• The capital plan will need to be expanded from 5 years to

10 years and all municipalities will likely identify substantial funding deficits in the millions of dollars annually

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Pressures- Reserves

• Pressures:
• Lower Slots revenue – 2020 and beyond
• Less funding from declining assessment growth
• Need to exceed spending caps on reserves with large

maintenance projects such as facility roof replacements

• Operating budget surplus not available to support

reserves

• Reserve allocations to the operating budget to mitigate

tax rate increases

• Asset Management Plan – expect there will be a

substantial funding shortfall for capital plan

• Support:
• Expectation of higher dividends through Veridian merger

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Pressures- Reserves

An expected result of spending caps is for reserves to grow Reserve balances can also be affected by:

Increases Decreases Under spending cap Over spending cap Under budget Over budget Actual Slots/Veridian revenue higher than budgeted Actual Slots/Veridian revenue lower than budgeted Increased allocation from retired debt Use of reserves in operating budget Interest Allocation Unbudgeted/Emergency Allocation of Operating Budget Surplus

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Pressures- Reserves

Current Status (2018) of Reserves with spending caps:

• Under performing:
• Building Maintenance
• Development Reserve
• Performing as expected:
• Roads Maintenance
• General Infrastructure
• Performing beyond expectation:
• Strategic Initiatives
• Vehicle and Equipment Replacement

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Pressures- Development Charges

• Currently, the Development Charge (DC) Reserve Fund is

at an all-time low, with recovery expected to begin in 2021

• The most recent DC By-law, passed in July 2018,

significantly increased the DC charge to account for these rising construction costs – however the By-law is under appeal

• Over the next few years, the DC Reserve Fund will require

financial support – solutions currently being explored include temporary internal borrowing or short term unfunded capital projects

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Pressures- Capital Contingency Reserve

• The FSP created the Capital Contingency Reserve to be used

for the Town’s share of grant opportunities and unbudgeted capital expenditures

• During 2018, Capital Contingency Reserve has committed the

following funding:

• For 2018, the reserve’s funding source, operating budget surplus

will not be sufficient to replenish the reserve to the target level of $2.5M

Use Amount Town’s share of grants $475,800 Unbudgeted/Emergency $1,266,300 Total $1,742,100

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2019 Capital Budget Highlights

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Highlights of the 2019 Capital Budget

• IT Strategy
• Asset Management Plan
• Economic Development

Strategy

• Recreation Master Plan
• Fire Master Plan
• LED Streetlight Traffic

Signals

• Rossland Road - Top

Asphalt

• Church St. - Rossland to

Hydro Road Resurfacing

• Audley Recreation

Centre Phase 2

• Paradise Park

Washroom and Park

• Cricket Clubhouse &

Field Improvements

• Mulberry Meadows

Neighbourhood Park & Parkettes Looking Forward Transportation Community Amenities

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Capital Funding

2019 Capital Budget $34,531,100

Reserves 33.7% Development Charges 25.0% Debenture 27.1% Federal Gas Tax 11.5% Other 2.6% Reserves 46.0% Development Charges 26.4% Debenture 8.6% Federal Gas Tax 17.5% Other 1.5%

2019 - 2023 Capital Plan $109,325,400 Capital Budget Funding

33.7% Reserves 25.0% Development Charges 27.1% Debenture 11.5% Federal Gas Tax 2.6% Other

Capital Plan Funding

46.0% Reserves 26.4% Development Charges 8.6% Debenture 17.5% Federal Gas Tax 1.5% Other 72

Public Budget Meeting February 11, 2019

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Public Budget Meeting

• Following this meeting, the 2019 Capital Budget/2020-2023

Long Range Capital Forecast will be published on the Town’s website

• The availability is earlier than usual to provide extra review

time for Council and residents

• Senior Management staff are happy to answer any questions
• r to receive comment anytime on budget matters
• Questions and comments can also be sent to finance@ajax.ca
• On February 5th, the Public Budget Meeting Agenda and staff

report will be posted on the website

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Public Budget Meeting

• There are a few capital projects that have received pre budget

approval to ensure early tendering or to meet time constraints

• These projects cannot be removed from the 2019 Capital

Budget

Budget Sheet Title Amount Funding BMT010 Facility Energy Audits 65,000 FGT ITS002 Remote Connection Replacement 15,000 Veh/Equip Res ENG007 Road Resurfacing – 2019 1,609,200 Roads Mtnce Res ENG048 Road Resurfacing – 2019 FGT 1,590,600 FGT ETP001 Storm Sewer Headwall Repair 330,000 SW Mtnce Res

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Public Budget Meeting

Amendments to the Capital Budget:

• Consideration of spending caps
• Moving projects will impact spending caps
• Switching similar cost projects with the same funding

will not impact spending caps

• Some changes to the capital plan may be achieved at the

public meeting

• Significant changes to the capital plan will be referred to

staff who will recommend an appropriate amendment, with proper consideration of staff resources and funding, on February 25th when Council will ratify the budget

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THANK YOU/ QUESTIONS?

Sheila Strain

Director of Finance/Treasurer Finance Town of Ajax Sheila.strain@ajax.ca (905) 619-2529, ext. 3319

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