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Wyoming, ON – Lambton County Council received the Corporation’s draft 2010 budget at a special joint committee meeting yesterdday which proposes a net increase in funding from taxes of between 1.88 - 3.88% to maintain current service levels. The amount of the increase is dependent upon the level at which County Council sets the contribution to reserves. The budget also projects a minimum 1.12% decrease in the residential tax rate.
The Corporation's staff created the draft budget using County Council’s objectives of rebuilding reserves, maintaining the County's infrastructure, maximizing the use of non-tax sources of revenue, and minimizing borrowings while maintaining services and programs.
“The year 2009 was anything but a normal, typical year and we expect that in 2010 the demand for County services will remain high,” said Lambton County Warden Jim Burns. "The draft budget presented by staff today reflects this as well as the need to keep taxes as low as possible.”
Following today’s presentation, Council will conduct its review of the draft budget at a special all-day meeting beginning at 9:00am on Wednesday, March 17, 2010. In the event the final budget is not approved at the all-day meeting, deliberations will continue on Thursday, March 25, 2010 at 9 am.
In April, following approval of the budget, Council will finalize its 2010 Property Tax Policies. Discussions will begin at Council's standing committee meeting, to be held on April 21, 2010 at 1pm. Recommendations from that meeting will be forwarded to County Council for its consideration on May 5, 2010.
Members of the public are welcome to attend any of these meetings. Copies of the draft budget book can be requested by contacting the Financial Services Division at 519 845-0809 ext. 5355.
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Backgrounder To 2010 Draft Cash Requirements Budget
A) Known Impacts on 2010 Budget include
- 8-12% increase in Ontario Works caseloads
- Need to maintain specified level of capital spending to maximize Federal Gas Tax grant
- Lower supplementary taxes & high tax write-offs anticipated (based on 2009 actuals)
B) Assessment
- 2nd year of phased assessment increases
- 6.40% increase in Weighted Assessment
- 1.42% real growth (new assessment added)
C) Debt
- Total Long Term Debt outstanding at December 31, 2009 was $37,779,814 (2008 - $37,445,201) including the annual payment to Bluewater Health of $1,500,000
- Only minimal new borrowings planned for 2010; debt utilization will drop to 24.75%
D) Planned Expenditures
- Increase of $1,690,868 (1.04%) to $164,809,085
E) Tax Dollars
- 1.88% to a maximum 3.88% net Increase
Impact on Tax rates
- Minimum 1.12% Decrease in Residential tax rates proposed
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