Budget Committee of the Whole - Tuesday September 26, 2023 at 1:30pm
>> Agenda
2023 Operating Forecast
An interim operating forecast is a projection of an organization’s financial results for the fiscal year. The City’s 2023 Operating Forecast combines actual results to date (January to June 2023), with estimates for the second half of the year based on anticipated market trends and assumptions
The Operating Fund is projecting a surplus of $3,275,200, before a transfer of $3,200,000 to the Tax Rate Stabilization Reserve as part of the investment income strategy. Net adjusted surplus is $75,200.
The Water and Wastewater Fund is projecting a deficit of $1,306,600, which the City will look to mitigate through funding from the Water and Sewer Rate Stabilization Reserve.
The Stormwater Fund is projecting results to be in line with budget and no significant forecast variances identified at this time.
Tariff of Fees Update
As part of the City’s annual budgeting process, staff completed a review of all its existing user fees for potential increases and considered the introduction of new fees, where applicable and appropriate
The Ontario minimum wage will increase by 6.8% as of October 1, 2023. The increase is based on the 2022 inflation and as a result, the minimum wage increases from $15.50 per hour to $16.55 per hour.
This has the most significant impact on Recreation and Culture and Public Works Operations. Recreation and Culture employs a large number of students to run City programs.
As the increase is over $1 per hour, other positions that are above the current minimum wage, but lower than the new minimum wage will also be affected due to wage parity considerations.
The 2024 budgetary impact on minimum wage related adjustments is anticipated at $1 million for Recreation and Culture programming.
Proposed 2024 fee increases takes this and market comparators into consideration.
Public Comments:
The public may submit written correspondence regarding agenda items by email to clerks@richmondhill.ca.
Written correspondence must be submitted by 12 p.m. (noon) one business day before the meeting.
Comments submitted will be provided to all Members of Council, are considered as public information and will be included on the public agenda posted to the City's website.
Delegations:
Any person who wishes to speak to Council on agenda items must pre-register with the Office of the Clerk by 12 p.m. (noon) one business day before the meeting.
Applications to appear as a delegation can be submitted by email to clerks@richmondhill.ca or by using the on-line application form found on Richmondhill.ca.
Delegations can be in person, or electronically by video conference or telephone.
The Office of the Clerk will provide instructions on appearing as a delegation.