2024 Budget - Capital Financing and Other Financial

The $3.2 million Capital Levy provision represents the amount of money raised in the 2024 Operating Budget to directly finance the 2024 Capital projects.

The $17.2 million amount for 2024 for Tax Supported Debt Charges represents principal and interest to be paid on tax supported debt that has been issued, or that may be issued during 2024 from current or previous years’ approvals. Tax Supported Debt Charges exclude debt service payments recoverable from other non-tax sources such as Development Charges, Court House lease payments, Arena user fees and the Wastewater Reserve Fund.

The Capital Financing Plan, approved by Council based on Report CPFS12-011 and updated with Report CLSFS21-024 and CLSFS23-033, is intended to address the need to move forward with much needed capital works. For 2024, the increase for additional capital financing through the Capital Financing Policy is recommended at 1.0%.

A $1.3 million portion of the 2024 regular Capital Levy is being transferred to the Capital Levy supported Flood Reduction Master Plan Reserve (FRMP) to fund specific FRMP Capital projects.

A $3.7 million amount raised through the tax levy is being transferred to the Wastewater Reserve Fund to fund stormwater Capital projects. This represents the $0.62 million allocation for 2018, 2019, 2020, 2022,2023 and 2024.

This dividend is used to bolster the annual capital levy provision. For the 2024 budget, the amount is estimated at $5.208 million, the same as 2023.

The proceeds from the sale of PDI assets to Hydro One were used to establish a Legacy Fund. The 2024 budget includes $1.5 million of the investment income earned on the Legacy Fund to be used to support the capital budget.

Casino revenues have continued to rebound after the pandemic and the 2024 budget includes $3.4 million of funding from OLG. The Casino revenues are contributed in their entirety to the Casino Gaming Reserve to fund various capital projects as approved by Council.