The County’s capital budget has been approved for 2024, but what does it all mean?
According to the County, a budget is an itemized financial plan to show how money received will be spent over a specific amount of time. The County has three annual budgets: the Rate-Supported Budget, the Tax-Supported Capital Budget, and the Tax-Supported Operating Budget.
The Rate Supported Budget
Also known as the water and wastewater budget, it decides how water and sewer will be provided to more than 10,000 of the county’s residents and businesses through treatment, collection, and distribution systems.
This year the budget carries a replacement cost of over $1.4 billion in infrastructure assets.
This budget is 100% paid for by the system’s users. The 2024 Rate Supported Budget was approved December 7, 2023.
Tax-Supported Capital Budget
As discussed above, this is the budget that pays for the County’s infrastructure needs, to maintain all assets from emergency vehicles to road resurfacing to new facilities.
Tax-Supported Operating Budget
Responsible for the daily operations of the County, this budget includes salaries, insurances, utilities, and services like running arenas and libraries, fire and emergency services, and so on.
This budget is typically discussed at Council mid-to-late February, and will be reviewed this year on February 29.
Three ways the County gets money
While the rate-supported budget is 100% funded by users, both tax-supported budgets are funded through the property tax levy. The County sets the municipal portion of the tax levy based on its budgeted needs, while the education portion is set by the Ontario Ministry of Finance to fund schools. The final method the County receives money is through grants and subsidies.
