Reg egio ion n of Du Durha ham Fi Finance ance Departmen artment t Pr Presentation sentation to to To Townsh wnship ip of Scugo ugog, g, Fe Febr bruary uary 21, , 2018 18
Br Broa oader der Eco cono nomic mic Co Condition ditions Household Debt Remains High 2018 GDP growth expected to be more moderate than 2017 Source: Statistics Canada “My second preoccupation is the state of Canada’s housing markets and the associated level of household debt. The Bank said …these vulnerabilities are elevated, and are likely to Interest Rates remain so for a long time. ” inching upward, Steven Poloz, Governor of the Bank of mindful of downside Canada risks in the forecast December 14, 2017 February 21, 2018 Durham Region Finance Department Presentation to Township of Scugog Slide 1
Property T axation Overview Current Value Municipal Tax Rate Property Assessment (CVA) Set by Municipal Tax (Regional, Local & Property Assessment Education) Corporation (MPAC) Residential 2018 Estimated Property Non-Residential Taxes February 21, 2018 Durham Region Finance Department Presentation to Township of Scugog Slide 2
Regional Reassessment – 2018 Impacts CVA Change Regional Tax Avg Tax Increase 7.0% Tax Decrease Property Tax Reassessment Impact Region Only February 21, 2018 Durham Region Finance Department Presentation to Township of Scugog Slide 3
Assessment Base Trends Reassessment Tax Shifts by Local ($m) 2018 Regional Reassessment Tax Changes Frequency Distribution Scugog Residential Scugog Non-Residential properties 7,183 properties 1,303 February 21, 2018 Durham Region Finance Department Presentation to Township of Scugog Slide 4
Re Regi giona onal l Prope perty y T ax Budg dget Guide delin line Taxpayer Affordability & Competitiveness Annualization of 2017 Items Maintain & Increase Service Levels P RIORITIZED A FFORDABLE B UDGET Committee of the Whole February 21, 2018 Durham Region Finance Department Presentation to Township of Scugog Slide 5
2018 App pproved ed Gross ss Prope perty y T ax Budg dget Expenditures $1.2 billion Revenue $1.2 billion ($1.6 billion including Water/Sewer) Regional Assets $13.2b Water Supply Fleet & Equipment Sanitary Sewerage Transportation Facilities $4.0b $1.0b $0.3b $4.5b $3.4b February 21, 2018 Durham Region Finance Department Presentation to Township of Scugog Slide 6
2018 Guide 2018 delin line e Ach chiev eved ed 2018 Tax Impact Increase (per cent) ($ millions) Net Budget Increase 22.37 3.60 Assessment Growth — Budgetary (1.80) Seaton Growth Reserve Fund 0.10 2018 Net Property Taxpayer Impact 1.90 February 21, 2018 Durham Region Finance Department Presentation to Township of Scugog Slide 7
2018 2018 Region onal l T axation Estima mated ed 2018 Property ty T ax Bills ls (with reassessment impacts) Scugog Region-Wide ide Scugog Averag age e Home Averag age e Home Commercial cial Average increase Average increase Average decrease $60 or 2.2% $4 or 0.2% ($10) or (0.2%) CVA = $477,000 CVA = $500,000 CVA = $395,700 CVA = $424,900 CVA = $378,600 CVA = $398,200 February 21, 2018 Durham Region Finance Department Presentation to Township of Scugog Slide 8
Scugog Average Home (CVA = $398,200) 2018 Monthly Household Regional T ax Impact Police $65 Waste Services $15 Paramedic Services $8 9-1-1 $1 Regional Transit $18 Public Health $6 Long Term Care $14 Works $27 February 21, 2018 Durham Region Finance Department Presentation to Township of Scugog Slide 9
Busi siness ness Plannin ning g Proce cess ss “The Region’s forward looking financial planning for 2018 Budget operating and capital plans allow it to identify and Financing Strategies address anticipated pressures early on. ” Seaton • - Moody’s Investors Service, Federal Gas Tax January 9, 2018 • June Hospice/Hospital • Asset Management Study October Asset Management Planning • Multi-Year Economic & Financial Forecast and Reserve Funds • Guideline November-January Property Tax Strategy • Business Planning Land Management for Servicing & Financing Studies • January-February Approval Conservation Authorities Business Plans & Budgets Property Tax Strategy Multi-Year Forecast February 21, 2018 Durham Region Finance Department Presentation to Township of Scugog Slide 10
Thank You February 21, 2018 Durham Region Finance Department Presentation to Township of Scugog Slide 11
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