City Council has approved the 2024 taxation fund budget with a 3% increase over last year, which covers the City’s operating budget to maintain services and direct investment in capital. Council worked with Administration and Finance to allocate $260,000 of the City’s reserves to drive the total increase down to 3% and a final net expenditure of $47.1 million.
The taxation fund budget represents the City’s portion of the overall municipal budget. This total is combined with the approved budgets from agencies, boards, and commissions, like Timmins Police Service Board and Cochrane District Social Services Administration Board, and school board and MPAC assessments to arrive at the final property tax rate. Council is expected to approve the 2024 tax rates by April.
2024 Operating Budget:
The 2024 net operating budget is $36,741,667. The operating budget covers the cost of daily municipal services such as maintenance of city roads, public transit, garbage collection, snow removal, and parks and arena maintenance.
2024 Capital Budget:
The 2024 capital budget includes a gross expenditure of $38,908,193; however, with funding and reserves, the portion covered by the tax levy, which impacts the final property tax rate, will be $10,365,307. Capital funds support the creation, repair, or replacement of municipal assets that are required to deliver daily services to the community, including infrastructure like roads. This amount does not include capital expenses related to water and wastewater, which are approved as part of the separate utilities fund budget.
This year’s capital budget includes:
• $2.1 million for road repair through the City’s grind and pave program
• $3.5 million (offset by funding) for upgrades to the Mattagami and Porcupine bridges as part of Connecting Link rehabilitation
• $2 million (offset by funding) for repairs to the Mattagami boat launch pier and retaining wall
• $1.7 million in fleet purchases for the Timmins Fire Department
• $5.6 million for Porcupine River Bridge construction (offset with reserve and funding)
The funds will also be used to continue Golden Manor redevelopment and the final downtown segment of the Connecting Link, with plans to begin implementing some of the recommendations from the updated Recreation Master Plan.
For more information on the 2024 budget, visit: https://www.timmins.ca/our_services/finance/city_budget_2024
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Quotes:
“City Council began this year’s budget process with a commitment to engage and listen to residents on how we can work to improve the quality of life in Timmins. This is reflected in the City’s approved operating and capital expenditures for 2024, and the decisions made that will help deliver an efficient, affordable, and sustainable city for all residents. The budget will support a variety of projects and programs that will rehabilitate necessary infrastructure, prioritize community safety and well-being, and encourage growth and development.” ~ Mayor Michelle Boileau
“Preparing a balanced budget during a period of hyperinflation when costs have increased across all departments, in addition to being tasked with maintaining aging infrastructure, is challenging. City Council worked diligently with Administration and staff to deliver a budget that works for today and plans ahead for tomorrow. The City’s taxation fund outlines how we plan to spend and invest tax revenues. The next step is confirming 2024 school board and property assessments, and approved budgets for the City’s service partners and provincially mandated programs, before approving the final tax rates for 2024.” ~ Natalie Moore, Director of Finance
“The City’s goal is to deliver a citizen-oriented, municipal system that is modern, effective, and efficient. We are focused on meeting residents’ daily needs, and making long-term plans that will move Timmins forward with room for expansion and development. We recognize that our financial resources are finite, and have worked diligently to balance service delivery with capital demand, such as road and infrastructure upgrades. Through the leadership and direction of City Council, coupled with the expertise of our staff, we have arrived at a budget that will work for all residents.” ~ Dave Landers, Chief Administrative Officer