LSAC COUNCIL PASSES 2018 BUDGET

LSAC COUNCIL PASSES 2018 BUDGET WITH AN ADDITIONAL 2.25% INCREASE FROM 2017

At yesterday's Council meeting the 2018 budget was passed. In the first 2018 Budget Draft which LSAC Administration presented to Council on March 29th, Administration "Recommended" approval on the Proposed Budget with an increase of 3.5%. We believe that as a result of LSARA communications with Council and Councils subsequent review of that Draft Budget, it has resulted in the reduction of the Budget Spending to the 2.25% increase which was passed.


So what does that 2.25% increase mean? This is the increase required to deliver a balanced budget given the net effect of all budget changes including a portion of the budget that has been funded with Accumulated Surplus.

Yes folks that increase is what Council has approved over and above the 2017 Budget!

For the few of you that may have missed our last post of the Budget Series posts, once again we present the chart that shows how these "Budget Changes" have affected the overall budget in the last 5 Years.

The documents that these figures are derived from are none other than LSAC's Budget and past Budgets . In particular the Combined Operating Budget Spreadsheets which provide the "Actual" amount spent and the amount to be spent in 2018 as per the newly approved budget. ( LSAC Summary and Detail Budget Reports ) 

Attached are these documents. (link to docs)

Also please remember that these documents and figures provide the net impact of all expenses for the LSAC Departments referred to in these charts. These are the expenses that Administration presents to Council and Council Approved. Now Council has the responsibility to monitor and ensure that this Budget is maintained.

CLICK IMAGE TO VIEW LARGE

CLICK IMAGE TO VIEW LARGE

So back to the 2.25% increase in the Budget. Does this mean that you can expect your last Tax Bill $$$ to increase by 2.25%? Sorry to tell you people. NO!!!! It is only One factor to your annual Tax Bill. This 2.25% increase only applies to the Municipal portion of your tax bill. It does not include other factors such as the Provincial Education portion or your Assessment.

Coupled with the Municipal 2.25% increase in the Budget, are the increases in the Tax Rate By-Law to the Assessments Classes. Potentially this could mean that your property assessment has risen which would add to the increase of your tax bill also. The budget boasts of almost 80 Million dollars of Assessment Increases. With minimal growth from the commercial sector and residential, it can only mean a rise in Assessments or Values if you will on all or some of the Assessment Classes.

These are the figures that the new Tax Mill Rate will be applied to in order to come up with your actual Tax Bill $$$ you will have to pay based on your Assessment!

Your tax bill will be based on Increased Mill Rate, Increased Assessments, Increased Provincial Education tax amounts as well the Tax Bill does not take into account the line items taken directly out of previous budgets and are now billed separately to you. How much is actually coming out of your pocket this year with all the new utility and recreational fees billed which are independent of the Property Tax Bill now. In order to fully understand your tax bill, you need to take into account all the fees that are now broke out of your Tax Bill.

Stay tuned as we will be addressing these Assessments and how they affect your Annual Property Tax Bill, including the recently implemented utility bills that used to be included and now you are paying separately. We will be bringing out our "Crayons" for More Charts for a visual presentation displaying how these changes will affect you soon.