CITY OF PORT COLBORNE OPERATING AND CAPITAL BUDGET February 1, - - PowerPoint PPT Presentation

▶
city of port colborne
SMART_READER_LITE
LIVE PREVIEW

CITY OF PORT COLBORNE OPERATING AND CAPITAL BUDGET February 1, - - PowerPoint PPT Presentation

Aug 20, 2023 413 likes •683 views

CITY OF PORT COLBORNE OPERATING AND CAPITAL BUDGET February 1, 2017 1 CITY OF PORT COLBORNE Agenda Sources of revenue Operating Levy Summary Ontario Municipal Partnership Fund Unfinanced Requests and Funding

slide-1
SLIDE 1

CITY OF PORT COLBORNE

OPERATING AND CAPITAL BUDGET February 1, 2017

1

slide-2
SLIDE 2

CITY OF PORT COLBORNE

Agenda

  • Sources of revenue
  • Operating Levy Summary
  • Ontario Municipal Partnership Fund
  • Unfinanced Requests and Funding
  • Capital Funds Available
  • Capital Projects and Funding
  • Current Debt Update
  • 2016/2017 Debentures
  • Capital Projects and Debentures

2

slide-3
SLIDE 3

CITY OF PORT COLBORNE

Current Sources of Revenue

  • Tax Levy –Operating & Capital
  • User Fees
  • Grant Program (Hydro Funds Invested)
  • Ontario Municipal Partnership Funds
  • Debentures for capital projects
  • Federal Gas Tax Revenues
  • Reserves & Reserve Funds
  • Provincial OCIF Program

3

slide-4
SLIDE 4

CITY OF PORT COLBORNE

Additional Revenue Sources

  • New assessment growth – very limited
  • Increase in user fees
  • Capital charge on user fees - % or $
  • Net proceeds from NRBN sale
  • Area surcharge for new projects financed

by debentures – Storm Sewers

  • Increase in capital tax levy – 1% annually
  • Tax room – Region & Education
  • Matured debentures for capital projects

4

slide-5
SLIDE 5

CITY OF PORT COLBORNE

Operating Levy Summary

  • Base budget increase – 2.25%
  • Capital budget increase – 0.98%
  • Loss of revenues – 0.20%
  • Proposed 2017 Tax Levy Increase – 3.43%
  • Proposed 2016 Tax Levy Increase – 4.11%

Note: Above Levy Increases prior to any additions for debentures or new requests/initiatives

5

slide-6
SLIDE 6

CITY OF PORT COLBORNE

Operating Levy Summary

  • Proposed 2017 Tax Levy Increase – 3.43%
  • Utilities increase – 1.12%
  • Oper. Centre (debenture balance) – 1.86%
  • Additional staff requests – 2.54%
  • Potential 2017 Tax Levy Increase – 8.95%

6

slide-7
SLIDE 7

CITY OF PORT COLBORNE

7

69% 10% 10% 4% 2% 2% 1% 2%

2017 Revenues as % of Budget

Tax Levy Fees & Charges OMPF Funding Other Revenue Admin Charges Taxation-PIL/Supps Grants Licenses & Permits

slide-8
SLIDE 8

CITY OF PORT COLBORNE

8

$15,691,412 $2,289,812 $2,345,900 $909,637 $459,347 $341,288 $291,849 $309,640

2017 Budgeted Revenues

Tax Levy Fees & Charges OMPF Funding Other Revenue Admin Charges Taxation-PIL/Supps Grants Licenses & Permits

slide-9
SLIDE 9

CITY OF PORT COLBORNE

9

$3,967,126 $327,283 $7,447,280 $1,568,527 $2,557,260 $704,088 $2,739,607 $1,288,685

2017 Budgeted Expenditures

Administration Museum Engineering & Operations Planning & Development Community Services Library Fire Services Debentures

slide-10
SLIDE 10

CITY OF PORT COLBORNE

10

19% 2% 36% 8% 12% 4% 13% 6%

2017 Expenditures as % of Budget

Administration Museum Engineering & Operations Planning & Development Community Services Library Fire Services Debentures

slide-11
SLIDE 11

CITY OF PORT COLBORNE

11

19% 2% 37% 7% 13% 3% 13% 6%

2016 Expenditures as % of Budget

Administration Museum Engineering & Operations Planning & Development Community Services Library Fire Services Debentures

slide-12
SLIDE 12

CITY OF PORT COLBORNE

OMPF Funding

  • 2016 Funding

$2,772,100

  • 2017 Funding

$2,800,100

  • Operating levy

$2,345,900

  • One time requests

$ 279,500

  • Capital projects

$ 174,700

12

slide-13
SLIDE 13

CITY OF PORT COLBORNE

Unfinanced Requests & Funding

  • Total Requests

$1,657,838

  • OMPF funding

$ 279,500

  • Reserve funds

$ 520,566

  • Increased revenue

$ 4,196

  • Deferred funding

$ 8,000

  • Potential levy increase

$ 845,576

13

slide-14
SLIDE 14

CITY OF PORT COLBORNE

Potential Levy Increase

  • Total Amount

$ 845,576

  • Utilities

$ 171,600

  • Oper. Centre Debenture

$ 285,000

  • Staffing Full Time

$ 80,633

  • Staffing Part Time

$ 82,023

  • Marina capital reserve

$ 25,000

  • Staff Development

$ 15,000

  • Operations

$ 110,000

  • Canal Days Festival

$ 48,000

  • CIP Incentives

$ 22,000

  • Other

$ 6,320

  • Potential levy increase – from 3.43% to 8.95%

14

slide-15
SLIDE 15
  • Federal Gas Tax

$ 560,148

  • OCIF

$ 182,945

  • OMPF

$ 174,700

  • Net Proceeds sale of NRBN

$6,166,292

  • Capital Levy

$1,590,260

  • Capital Levy – 1%

$ 150,000

  • Development Charges

$ 173,000

  • Matured Debentures

$ 248,298

  • Reserves and Reserve Funds

$ 741,900

  • Future Matured Debentures
  • Provincial/Federal Grants

15

CITY OF PORT COLBORNE

Capital Funds Available

slide-16
SLIDE 16

Depreciation Deficit based on Historical Cost and Time Lifecycle

16

Total Depreciation (tax levy supported), 2015 $4,222,161 Capital levy for depreciation $1,705,260 Library levy for depreciation $35,000 OCIF Funding $182,945 Federal Gas Tax $560,148 2017 Depreciation Funding $2,483,353 2017 NET DEPRECIATION DEFICIT (41%) $1,738,808 2016 NET DEPRECIATION DEFICIT (47%) $2,007,240

slide-17
SLIDE 17

CITY OF PORT COLBORNE

Capital Levy Projects & Funding

  • Total Project Estimated Cost

$3,908,952

  • Capital Levy

$1,740,260

  • Reserve funds

$ 650,400

  • Federal Gas Tax

$ 617,500

  • OCIF Grant

$ 96,592

  • OMPF Funds

$ 114,200

  • Canada 150 Grant

$ 190,000

  • Public Transit Grant Program $ 96,500
  • Debenture

$ 360,000

  • Deferred funding

$ 43,500

17

slide-18
SLIDE 18

CITY OF PORT COLBORNE

New Capital Projects & Funding

  • Total Project Estimated Cost

$ 544,754

  • OMPF Funds

$ 60,127

  • OCIF Funds

$ 86,353

  • Reserve funds

$ 91,500

  • Donations/Grants

$ 18,000

  • Deferred funding

$ 288,774

18

slide-19
SLIDE 19

City of Port Colborne

Debenture Guidelines Annual Repayment Limit

  • Provincial Repayment Limit

$5,391,531

( 25% of Revenues)

  • City Repayment Limit

$4,313,225

( 20% of Revenues)

  • Current Debt Charges

$2,689,384

  • City Available Debt Payt Limit $1,623,841
  • Prov Available Debt Payt Limit $2,702,147

With 2016 approved debt to be issued in 2017

19

slide-20
SLIDE 20

City of Port Colborne

New Long Term Borrowing

  • City Available Debt Payt Limit $1,623,841
  • The maximum long term borrowing

available at current rates is: $14,000,000 on 10 Year debenture $22,500,000 on 20 Year debenture $28,400,000 on 30 Year debenture

  • Emergency Debt Room (Provincial to City)

$1,078,300 Limit or $8,332,300 debt

20

slide-21
SLIDE 21

City of Port Colborne

Debt as at December 31

21

  • 5,000,000

10,000,000 15,000,000 20,000,000 25,000,000 30,000,000 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

slide-22
SLIDE 22

CITY OF PORT COLBORNE

2016/2017 Debentures

Project 2017 Debenture Annual Repayment 2016 Levy 2017 Levy 2018 Levy Employ Lands design 450,000 31,300 31,300 Oper Centre- soft costs/ construction 13,780,000 767,000 377,000 390,000 Oper Centre- soft costs/ construction 195,000 195,000

22

slide-23
SLIDE 23

CITY OF PORT COLBORNE

Funding Options

23

Goal Levy for $767,000 Lessen impact on ratepayers Option Spread increase over 2016, 2017 and 2018 $377,000 levied in 2016 $390,000 remain to be levied Funding 1 Increase levy for 2017 $390,000 Funding 2 Spread levy increase over 2017 and 2018 $195,000 each of 2017 & 2018 Funding 3 Use of Tax Room Available

  • overall tax increase at 2%-3%
  • potential $195,000 to $390,000

Dependant on other tax levy additions and potential decrease to Education tax rate

slide-24
SLIDE 24

CITY OF PORT COLBORNE Capital Projects Ranking

Project Name/Description Ranking

New Operations Centre 1 Nickel and Omer Area Sewersheds CSO Program 2 Roselawn Heritage Building 3 Elm Street Watermain Replacement 4 Site Servicing of East Side Employment Lands 5 Downtown CIP 6 Marina Dock Assessment and Repairs 7 Completion of East Waterfront CIP 8 Master Plan Study for Urban Area Storm Water System 9 Master Plan Study for Water Distribution System 10 Ward 4 Fire Protection 11 Remediation of Transport Canada Lands under SSRA 12 Culture Block Enhancements 13 Rail-on-Apron completion 14

24

slide-25
SLIDE 25

CITY OF PORT COLBORNE

Potential Debentures

Project Amount Annual Repayment 2018 Levy 2019 Levy Note Nickel Area Storm Sewer (30 yrs) 3,550,000 to 5,400,000 198,000 to 300,600 Storm Sewer fees Employ Lands Servicing (30 yrs) 8,000,000 445,000 197,000 2020/2021 Matured Debenture 248,000 Downtown CIP- Phase 1 (30 yrs) 5,500,000 306,000 Matured Debenture Note: Matured Debenture available in 2019

  • f $377,000 plus

$88,000 water

25