Municipal Finance Orientation January 16, 2019 1 2 Municipal - - PowerPoint PPT Presentation
Municipal Finance Orientation January 16, 2019 1 2 Municipal Finance Financial Sustainability 3 1. Budget6 a) The Municipal Budget
January 16, 2019
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Financial Sustainability……………………………3
a) The Municipal Budget Process……………7 b) The Property Tax System…………………32 c) Boundary Adjustment………………………59 d) Development Charges……………….…….64
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Municipal Finance
Financial Sustainability
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Council Endorsement
In June, 2017, Council approved the following motion: Whereas the County of Brant endeavors to manage finances in a fiscally responsible and sustainable manner; And Whereas Financial Sustainability Guidelines have not been updated since 2011; And Whereas key components of a strong Financial Sustainability plan include Debt Management and Reserve Management Plans; Therefore, that the Guidelines for Achieving Financial Sustainability be received for information; That the Debt Management Plan be approved; And that the Reserve Management Plan be approved.
Financial Sustainability Council Orientation
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Capital Plan Debt Management Reserve Management Budget Asset Management Plan (AMP) Debt Management Plan Reserve Management Plan Council - Annually Current AMP recommendations to
in the planning stages. Review/approve with each term of
Review/approve with each term of
Presentations: November and
Statutory Limitations Annual Repayment Limit (ARL) Based on the County's prior year Financial Information Return (FIR) Base budget Previous year's budget, minus one time revenues/expenses, plus any Council approved in-year revenues or expenses No more than 15% of Own Source Revenues (OSR) can service debt. At December 31, 2015 the County's rate was 6%. Year AMP Target Capital Bud. 2013 $7.4M $7.9M 2014 $7.7M $5.1M 2015 $8.0M $5.3M 2016 $8.4M $6.6M 2017 $8.7M $7.8M 2018 $9.0M * $1.2M required in 2018 budget to meet AMP Target Long Term The County should continue to spend approximately $19M (plus inflation) per year to sustain existing infrastructure. 2016 State of the Infrastructure - Roads
$250K/yr over next 5 years until it reaches at least $7.3M. Categories:
Development Charges or recovered through Rates.
time (i.e. Solar projects, Business Park). Keep in Mind:
complete.
approved debt.
servicing (repaying) the debt. Wage Increases Tied to the Consumer Price Index (CPI) Expenditures
growth for the proceeding year.
services.
services.
based on issuance of debt.
debt discharge etc. Revenues
and market comparators.
explored.
from other revenue sources where applicable. Types of Reserve Funds Discretionary Reserve Fund:
to earmark revenues to finance future expenditures of a purpose designated by Council.
Specific Use.
Obligatory Reserve Fund:
to be segregated from general revenues for a special purpose.
financial statements.
Reserve vs. Reserve Fund Reserve:
asset and does not require the physical segregation of money.
itself, only transfers in/out. Reserve Fund:
restricted to meet a specified purpose and includes both obligatory and a discretionary reserve fund. Asset Management Plan Completed in August 2013 Key Recommendations The County should spend $19M per year, over the next 10 years to renew the highest risk infrastructure. Current spending is approximately $17M/year.
Financial Sustainability Quick Reference Guide
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Municipal Finance
The Municipal Budget Process
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Legislated Budget Requirements Municipal Act, 2001
Council adopt estimates of all sums required during the coming year for the purposes of the municipality
year
current year (2019 must be approved in 2019)
estimated revenues are equal to the estimated expenditures Municipal Budget Council Orientation
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2019 Budget: Starting Point
Council approved the following resolution: That staff be directed to prepare a draft operating budget which: a. maintains the current level of service; b. includes decision packages that would increase the level of service; And that staff be directed to prepare a draft capital budget a. to fund maintenance and/or replacement of existing assets/infrastructure with a capital tax levy of $9,342,771 b. to include decision packages for the purchase/construction of new assets. Municipal Budget Council Orientation
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Coordination Planning Control
Elements of Budgeting: Municipal Budget Council Orientation
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Planning
Elements of Budgeting: Municipal Budget Council Orientation
the municipality must provide
and decisions such as:
Properties, Etc.)
Study
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Coordination
Elements of Budgeting: Municipal Budget Council Orientation
budget drivers
eventual approval
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Control
Elements of Budgeting: Municipal Budget Council Orientation
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Budget Process: Municipal Budget Council Orientation
Implement Budget and Controls Approve Budget / Bylaws Evaluate / Review Draft Budget Prepare Estimates / Draft Budget Budget Timetable
Staff and Council Staff Council Council Staff and Council
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Budget Process: Municipal Budget Council Orientation Municipal Budget Capital Budget Operating Budget Funding Ongoing Day-to-Day Operations Salaries, Wages Utilities Maintenance Activities Supplies Funding Infrastructure and Assets Buildings Roads Water / Wastewater Assets Vehicles and Equipment Technology Assets
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Budget Process: Municipal Budget Council Orientation Municipal Budget Capital Budget Operating Budget
Rate Supported Operating Budget Tax Supported Operating Budget Driven by a cost- recovery methodology, supported by plans and studies Driven by a needs methodology, supported by policies, plans, studies, and social requirements Rate Supported Capital Budget Tax & DC Supported Capital Budget Driven by a cost- recovery methodology, supported by plans and studies Driven by a needs methodology, supported by policies, plans, studies, and social requirements
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Budget Process: Revenues Fees and Charges Grants Reserves and Investments Financing (Debt) Property Taxes Expenses Assets and Infrastructure Operations Financing (Debt Servicing) Other The Municipal Budget as a Simple Statement of Operations Municipal Budget Council Orientation
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Budget Process: Revenues Fees and Charges Grants Reserves and Investments Financing (Debt) Property Taxes Expenses Assets and Infrastructure Operations Financing (Debt Servicing) Other
Municipalities are able to recover costs for a range of activities through fees and charges (outlined in Section 391 of the Municipal Act):
Some fees are structured through legislated documents (water and wastewater rates, development charges), some are based on the capacity of the marketplace (facility user fees, business licensing), and some are driven by the values of the community (social program access, children’s programming)
Municipal Budget Council Orientation
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Budget Process: Revenues Fees and Charges Grants Reserves and Investments Financing (Debt) Property Taxes Expenses Assets and Infrastructure Operations Financing (Debt Servicing) Other
Municipalities have historically received a mix
from upper levels of Government, including:
made to municipalities for federal, provincial, and related agency properties
Ontario Municipal Partnership Fund – provided with no set usage parameters and no repayment conditions
– provided with specific spending parameters and could be required to be repaid
significant conditions
Municipal Budget Council Orientation
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Budget Process: Revenues Fees and Charges Grants Reserves and Investments Financing (Debt) Property Taxes Expenses Assets and Infrastructure Operations Financing (Debt Servicing) Other
Funds from grants, subsidies and transfers from other levels of government have been historically declining for several years, forcing municipalities to consider other revenue sources or service cuts. This will be covered in more detail this afternoon.
Municipal Budget Council Orientation Municipal Budget Council Orientation
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Budget Process: Revenues Fees and Charges Grants Reserves and Investments Financing (Debt) Property Taxes Expenses Assets and Infrastructure Operations Financing (Debt Servicing) Other
Reserves Reserves can include:
Capital reserves, contingency reserve)
(i.e. Special capital reserves)
(i.e. Water/wastewater rates, development charges) that will be used to fund either
Discretionary Non- Discretionary
Municipal Budget Council Orientation
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Budget Process: Revenues Fees and Charges Grants Reserves and Investments Financing (Debt) Property Taxes Expenses Assets and Infrastructure Operations Financing (Debt Servicing) Other
Reserves Healthy discretionary reserves serve as the “savings account” for the municipality, allowing:
in the future Non-Discretionary reserves support structured financing arrangements such as water / wastewater systems and development charges. More information later in the presentation.
Municipal Budget Council Orientation
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Budget Process: Revenues Fees and Charges Grants Reserves and Investments Financing (Debt) Property Taxes Expenses Assets and Infrastructure Operations Financing (Debt Servicing) Other
Investments Municipalities can invest existing funds to create additional cash flow to offset operations. Financial Investments –
invested into risk-free financial investments (Bonds, Bank-notes, etc) – for example, Federal Gas Tax funds not required for immediate use can be invested, investment income can be used to offset any municipal expenses
investment proceeds for operating or capital needs (i.e. Endowments funds, proceeds from asset disposals)
Municipal Budget Council Orientation
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Budget Process: Revenues Fees and Charges Grants Reserves and Investments Financing (Debt) Property Taxes Expenses Assets and Infrastructure Operations Financing (Debt Servicing) Other
Non-Financial Investments (Assets and Business) –
investment, specific assets can be acquired or business ventures can be undertaken with a primary focus of generating income to offset operating and capital expenses
entertainment venues, telecommunications partnerships, land development, facility rentals, etc.
Municipal Budget Council Orientation
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Budget Process: Revenues Fees and Charges Grants Reserves and Investments Financing (Debt) Property Taxes Expenses Assets and Infrastructure Operations Financing (Debt Servicing) Other
The Municipal Act allows a municipality to raise debt only for capital needs, not to fund operating shortfalls. The Municipal Act further limits the amount of debt that a municipality can take on, known as the “Annual Repayment Limit (ARL)”. The ARL calculation is 25% of a municipalities “own source revenues”; this means that a municipality’s annual debt servicing (principal plus interest) cannot exceed 25% of its total revenues less any external funds (i.e. Grants, transfers, etc). 2019 Budget Context The County’s ARL is $13,391,142 (25% of our
debt servicing was $4,954,676, which is 7.2%
servicing for all approved debt is an additional $3,304,837 which brings the total to 11.9% of own source revenues.
Municipal Budget Council Orientation
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Budget Process: Revenues Fees and Charges Grants Reserves and Investments Financing (Debt) Property Taxes Expenses Assets and Infrastructure Operations Financing (Debt Servicing) Other
Municipalities usually raise debt by issuing debentures, which is a medium to long term debt instrument issued by a company for a fixed-rate of interest and a fixed term. Most municipalities issue debentures through Infrastructure Ontario, which secures debt for municipalities in larger volumes and offers significantly lower fixed interest rates than banks or other lenders.
Municipal Budget Council Orientation
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Budget Process: Revenues Fees and Charges Grants Reserves and Investments Financing (Debt) Property Taxes Expenses Assets and Infrastructure Operations Financing (Debt Servicing) Other
Property Taxes: To be discussed in detail later in the presentation.
Municipal Budget Council Orientation
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Budget Process: Revenues Fees and Charges Grants Reserves and Investments Financing (Debt) Property Taxes Expenses Assets and Infrastructure Operations Financing (Debt Servicing) Other
Expenses Non-Tax Revenues The Property Tax Levy
Municipal Budget Council Orientation
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Budget Process: The Budget Challenge! Rationalize expenses related to service
Maximize and balance the use of non-tax revenues, while still maintaining a financially solvent organization. Achieve a property tax levy that funds the balance of the organization’s expenses while keeping property taxes at a level that ensures growth, prosperity, and community investment. Municipal Budget Council Orientation
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Financial Reporting to the Public
Annual Financial Statements
the Municipal Act, 2001 Financial Information Return (FIR)
from municipalities
and to respond to requests for financial and statistical information Municipal Budget Council Orientation
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Budgets vs. Financial Statements
municipality and the operating results reported in the financial statements
These are included in the budget, but PSAB’s rules consider them neither revenues or expenses Municipal Budget Council Orientation
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Municipal Finance
The Property Tax System
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The Role of Taxation:
expenditures are funded by raising taxes
to access or tap into the various economic pools that will contribute to the total revenue of a state Unlike other forms of taxation which are linked to income (income tax) or spending (sales tax) – the property tax is directly linked to a person’s wealth – as measured by the estimated market value of any property that they own The Property Tax System Council Orientation
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Property Tax Principles:
understood by taxpayers
should be a direct relationship between taxes raised and local expenditures/services delivered (transparency)
incent behaviour to avoid the tax
the property tax is “non-elastic”; it should also be predictable for taxpayers The Property Tax System Council Orientation
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Five Property Tax Principles:
i. Horizontal equity; equal treatment - identical properties should be taxed similarly ii. Vertical equity; unequal treatment – properties with higher values should pay more The Property Tax System Council Orientation
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The Current Value System in Ontario:
“current value”.
would realize if sold on the open market at arm’s length by a willing seller to a willing buyer .
potential use.
appropriate to specific property types and uses that are steeped in widely accepted appraisal theory.
principle will be satisfied. The Property Tax System Council Orientation
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Tax Terminology: Tax Ratios
rate (the tax ratio for the residential class is 1.00)
Transition Ratios
new tax class) Range of Fairness
Reduced Rates for Farm and Managed Forests Classes
The Property Tax System Council Orientation
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Government Contributions: Payment in Lieu of Taxes (PIL’s)
exempt from property taxation because it is owned by those governments (i.e. Canada Post, LCBO, MTO etc.)
hospitals, universities and correctional institutions are calculated based on $75 per bed, student or inmate
properties
Grants and Subsidies
costs of delivering services to residents
The County’s portion was $1,491,100. The Property Tax System Council Orientation
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Stakeholders in the Property Tax System: The Property Tax System Council Orientation
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Stakeholders in the Property Tax System: Municipal Property Assessment Corporation (MPAC)
assessment (CVA) of property to serve as the basis of assessment, and to classify properties according to their use, for each of the
rolls The Property Tax System Council Orientation
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Stakeholders in the Property Tax System: Municipal Property Assessment Corporation (MPAC) Responsibilities
current value assessments
interests, not municipal interests)
The Property Tax System Council Orientation
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Stakeholders in the Property Tax System: Municipal Property Assessment Corporation (MPAC) MPAC is Not Responsible For:
administration or tax collection, including “tax” appeals to the ARB
The Property Tax System Council Orientation
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Stakeholders in the Property Tax System: Assessment Review Board (ARB)
assessment appeals
classification, and to interpret statutes and regulations related to these purposes
law, which can be further appealed to the Ontario Court (General Division) Superior Court of Justice if the Court grants leave to do so
and the Board’s Rules of Practices and Procedure The Property Tax System Council Orientation
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Municipal Property Tax The tax paid on a property is based on: Valuing Property Determining the Amount of Tax to be Paid Computing the Amount of Tax to be Collected on Each Property Collecting the Property Taxes The Property Tax System Council Orientation
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Municipal Property Tax The tax paid on a property is based on: Valuing Property Determining the Amount of Tax to be Paid Computing the Amount of Tax to be Collected on Each Property Collecting the Property Taxes As discussed, this is the role of MPAC The Property Tax System Council Orientation
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Municipal Property Tax The tax paid on a property is based on: Valuing Property Determining the Amount of Tax to be Paid Computing the amount of Tax to be Collected on Each Property Collecting the Property Taxes The Municipal Budget Process The Property Tax System Council Orientation
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Municipal Property Tax The tax paid on a property is based on: Valuing Property Determining the Amount of Tax to be Paid Computing the Amount of Tax to be Collected on Each Property Collecting the Property Taxes The Tax Rate! The Property Tax System Council Orientation
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The Tax Levy and Tax Rates
assessment for the municipality.
the nominal tax rate. The Property Tax System Council Orientation
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The Tax Levy and Tax Rates 6x $100,000 = $600,000 $200,000 $400,000 Total Assessment = $1,200,000 Property Tax Levy Total Assessment = $10,000 $1,200,000 = 0.833% The Tax Rate! The Property Tax System Council Orientation
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The Tax Levy and Tax Rates $100,000 X 0.833 = $833.33 $100,000 X 0.833 = $833.33 $100,000 X 0.833 = $833.33 $100,000 X 0.833 = $833.33 $100,000 X 0.833 = $833.33 $100,000 X 0.833 = $833.33 $200,000 X 0.833 = $3,333.33
Class Current Value Tax Levy Residence 100,000 $833.33 Residence 100,000 $833.33 Residence 100,000 $833.33 Residence 100,000 $833.33 Residence 100,000 $833.33 Residence 100,000 $833.33 Farm 200,000 $1,666.67 Industry 400,000 $3,333.33 Total $10,000.00
$400,000 X 0.833 = $1,666.67 The Property Tax System Council Orientation
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The Tax Levy and Tax Rates
bears a lower tax burden than non-residential properties
residential and farm property over other non-residential classes
the residential property class, with the residential class being 1.
tax ratio. The Property Tax System Council Orientation
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The Tax Levy and Tax Rates 6x $100,000 = $600,000 $200,000 $400,000 Total Weighted Assessment = Residential = $600,000 x 1 = $600,000 Farm = $200,000 x 0.24 = $48,000 =$1,448,000 Industrial = $400,000 x 2 =$800,000 Tax Ratios Residential = 1 Farm = 0.24 Industrial = 2 Property Tax Levy Total Assessment = 0.69% The Property Tax System Council Orientation
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The Tax Levy and Tax Rates $100,000 X 0.69 x 1 = $690.61 $100,000 X 0.69 x 1 = $690.61 $100,000 X 0.69 x 1 = $690.61 $100,000 X 0.69 x 1 = $690.61 $100,000 X 0.69 x 1 = $690.61 $100,000 X 0.69 x 1 = $690.61 $200,000 X 0.69 x 0.24 = $331.49 $400,000 X 0.69 x 2 = $5,524.86
Class Current Value Nominal Levy Ratio Tax Levy Residence $ 100,000 $ 690.61 1 $ 690.61 Residence $ 100,000 $ 690.61 1 $ 690.61 Residence $ 100,000 $ 690.61 1 $ 690.61 Residence $ 100,000 $ 690.61 1 $ 690.61 Residence $ 100,000 $ 690.61 1 $ 690.61 Residence $ 100,000 $ 690.61 1 $ 690.61 Farm $ 200,000 $ 1,381.22 0.24 $ 331.49 Industry $ 400,000 $ 2,762.43 2 $ 5,524.86 Total $ 10,000.00
The Property Tax System Council Orientation
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Municipal Property Tax The tax paid on a property is based on: Valuing Property Determining the Amount of Tax to be Paid Computing the Amount of Tax to be Collected on Each Property Collecting the Property Taxes The Tax Bill! The Property Tax System Council Orientation
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Total Assessment The Tax Levy The Tax Rate The Tax Rate Assessed Value
The Tax Bill Non-Tax Revenues Expenses The Tax Levy Weighted Assessment (Tax Ratios)
The Property Tax System Council Orientation
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The Property Tax System Council Orientation
Description Assessment Ratios Weighted Assessment Municipal Tax Residential 4,371,241,302 1.000 4,370,868,727 37,767,966 Multi-Residential 25,939,500 1.700 44,097,150 381,036 Farmland 1,245,054,207 0.240 298,813,010 2,581,995 Managed Forest 8,141,412 0.250 2,035,353 17,587 Commercial 297,105,425 1.900 553,856,814 4,785,787 Industrial 248,305,625 2.550 615,964,983 5,322,453 Pipeline 24,569,416 1.775 43,610,713 376,833 Total 6,220,356,887 5,929,246,749 51,233,657 2018 Assessment & Tax Levy by Broad Class
REVENUES Federal/Provincial Grants 7,581,609 Fees & Service Charges 16,776,374 Other Revenues (includes admin overhead recovery) 11,151,922 Other Tax Revenues 1,285,228 Internal Sources (Reserves) 1,245,752 TOTAL REVENUES 38,040,885 EXPENDITURES Mayor and Council 459,202 Office of the Chief Administrator 1,290,957 Corporate Services 5,949,858 Development Services 3,368,714 Strategic Initiatives 1,153,085 Operations 30,247,625 Community & Protective Services 7,765,197 Fire Services 2,930,825 Paramedic Services 12,094,673 Library 1,984,457 External Agencies 11,073,943 Municipal Financing 4,505,419 TOTAL EXPENDITURES 82,823,955 NET OPERATING LEVY 44,783,070 NET CAPITAL EXPENDITURE/LEVY 9,296,831 NET 54,079,901 Boundary Compensation - Taxes 1,682,894 Boundary Compensation - Other 1,163,350 NET LEVY 51,233,657
2018 Budget
Note that there is a further 35% reduction to tax rates for some classes based on legislation (which are built into this table). This applies to residential, commercial, industrial and farmland that has been earmarked for development
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The Property Tax System Council Orientation Municipality Detached Bungalow Two Storey Home Senior Executive Home Commercial per square foot Industrial per square foot Norfolk 2,723 3,818 4,919 1.94 0.74 North Dumfries 2,903 3,594 6,069 2.68 1.78 Brant 2,921 4,145 5,305 3.35 1.53 Haldimand 3,328 4,343 6,400 2.58 1.76 Waterloo 3,411 4,690 6,899 4.32 1.80 Cambridge 3,495 4,543 6,002 4.03 1.90 Brantford 3,589 4,489 5,534 3.28 1.87 Hamilton 4,135 5,109 6,607 3.10 2.68 Residential Comparison Commercial / Industrial 2018 Property Tax Comparison
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The Property Tax System Council Orientation 2018 Property Tax Comparison
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Municipal Finance
Boundary Adjustment
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Boundary Adjustment Council Orientation Effective January 1, 2017, the County of Brant and the City of Brantford entered into an agreement to annex some lands owned by the County to the City. The total gross area 2,720 hectares was transferred to the City of Brantford;
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Boundary Adjustment Council Orientation The financial agreement included the following:
equal payments of $1,163,350. The first payment was January 1, 2018 and the last payment will be January 1, 2027;
the municipal portion of the real property taxes levied in 2016 by the County on the lands in the annexed area. The first payment was January 1, 2018 and the last payment will be January 1, 2028. This amount declines on a straight line basis by
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Boundary Adjustment Council Orientation
Budget Year Amount
2018 1,163,350 $ 2019 1,163,350 $ 2020 1,163,350 $ 2021 1,163,350 $ 2022 1,163,350 $ 2023 1,163,350 $ 2024 1,163,350 $ 2025 1,163,350 $ 2026 1,163,350 $ 2027 1,163,350 $ 11,633,500 $
Budget Year Amount
2017 1,876,524 $ 2018 1,705,931 $ 2019 1,535,338 $ 2020 1,364,745 $ 2021 1,194,152 $ 2022 1,023,559 $ 2023 852,965 $ 2024 682,372 $ 2025 511,779 $ 2026 341,186 $ 2027 170,593 $ 11,259,144 $
Note: The decrease in 2019 of $170,593 has been reflected in the proposed 2019 budget.
Recovery of Lost Taxes Other Boundary Revenue
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Municipal Finance
Development Charges
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Development Charges Purpose
and non-residential growth within the County
normally be constructed as part of a subdivision (i.e. internal roads, sewers, watermains, roads, sidewalks, streetlights, etc.)
via the Development Charges Act (DCA)
Development Charges Council Orientation
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Development Charges in the County of Brant DC Bylaws:
2019
developing a new by-law
Development Charges Council Orientation
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Asset Management Planning
building, operating, maintaining, renewing, replacing, and disposing of infrastructure assets
and objectives, current and proposed levels of infrastructure service and life-cycle of the assets and then develop a financial strategy
2018) include a 6 year phased in approach (from 2019 to 2024)
Capital Plan / Asset Management Council Orientation
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Asset Management Planning – Key Dates
July 1, 2019 – A strategic asset management policy must be developed July 1, 2021 – A phase one asset management plan must be developed that identifies current levels of service for core infrastructure assets July 1, 2023 – The phase two plan builds on the phase one plan to include current levels of service for all remaining infrastructure assets July 1, 2024 – The phase three plan is the final plan that builds on phase
infrastructure assets, as well as a life-cycle management strategy and financial strategy with respect to the assets
Financial Sustainability Council Orientation
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Debt Management
Financial Information Return (FIR)
update the ministry-determined limit to ensure that there is capacity
Debt Management Council Orientation
MFOA Fall Economic Update 2018: A Plan For The People
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Debt Management Philosophy
1. Debt practices will be responsive and fair to the needs of both current and future tax payers and will be reflective of the life cycle of the asset. 2. The term of borrowing will not extend beyond the life of the asset. 3. Decisions will take into consideration the recommendations of various Council approved plans, such as the Strategic Plan, Official Plan, Recreation Plan or any other Council approved plan. 4. Council will endeavor to incur debt instead of using invested funds, when the debt is at a lower interest rate than the interest earned on invested funds. 5. Debt incurred for capital investment purposes will take into consideration the expected return on the investment and whether is will service the debt, and if it creates other tangible benefits to the County such as jobs, healthcare or other ancillary social benefits. Investment debt should pay for itself, including interest, and may create a revenue stream for the County. 6. Rate based debt incurred for water and wastewater will be guided by the Sustainable Water and Waste Water Systems Improvement and Maintenance Act, 2010 or other applicable legislation as it arises. 7. Development Charge debt will be guided by the Development Charges Act, 1997 or other applicable legislation as it arises.
Debt Management Council Orientation
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Reserve Management
Reserve Management Council Orientation
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Reserves
revenue
Reserve Management Council Orientation
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Reserve Funds
provincial legislation
special purposes to be segregated from the general revenues of the municipality
Reserve Management Council Orientation
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Reserve Management Philosophy
and replacement investments.
to issue debt.
predictable impact on the tax levy and water and wastewater rates.
external shocks. Reserve Management Council Orientation
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Next Steps
each General Manager will present their budget
budget
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