Building Your Municipal Budget
In the Budget Workbook, the Administration team proposes a yearly financial plan for Council consideration and public review. In order to provide context and juxtaposition, the figures are presented alongside last year’s approved budget and actual dollars spent. Municipal Council will then deliberate and have the opportunity to request changes based on community priorities. This budget building process supports the Municipality’s approach to collective fiscal responsibility.
Once the final Budget is approved, the Administration and Operation teams can move forward with effective service delivery and management of assets. The teams manage human resources efficiently and work closely with service partners within the district in an effort to best serve the community. The Municipality of West Nipissing has maintained good service standards with limited resources and strives to continue to offer good value for its residents and ratepayers.
2021 Budget Draft Revisions
Municipal staff, at the direction of Council, is providing a revised budget document with a tax levy increase of 2.00%.
2021 Budget Drafts
The original starting point presented a revenue shortfall of $1,190,320. This represented a 6.7% tax increase as a starting point. Typically, this number is much greater in non-pandemic years due to the fact that staff include new initiatives aimed at improving or adding service.
- All properties are assessed at current (market) value with a 4-year phase in of assessment increases
- Properties are assessed by the Municipal Property Assessment Corporation (MPAC)
- There are 8 standard classes of property
- Sub classes and optional classes exist
Property tax is a levy based on the assessed value of a property. The rates for the municipal portion of the tax are established by the Municipality.
- There are different tax rates for different classes of property
- The differences between these tax rates is the tax ratio
- The tax ratio is the ratio of the tax of a property class when compared to the tax rate of a residential property
- Tax ratios are set annually by Council, but limits are set by the province
Establishing Tax Rates
- The residential tax rate is determined by taking the levy and dividing it by the weighted assessment
- The weighted assessment is determined by taking the assessment of each property class and multiplying it by the tax ratios for each class
Basic Formula for Calculating Residential Tax Rate
Amount to be raised from taxation
Total taxable (weighted) assessment
= Tax Rate