Budget and Finances
Budget FAQ:
What is a municipal budget? |
A municipal budget is a document detailing the business plans for the operating and support service departments’ delivery of programs and services. It links the Town’s strategic priorities with business plans, budget allocations, performance indicators and measures. Achievement of the target outcomes becomes the focal point for program and service delivery, performance measurement, monitoring and reporting. |
How the budget process works: |
The budget process is a bit like making a financial plan for your family. Budgeting is an ongoing and dynamic process. It usually starts months before the new year. Pre-Budget Consultation: September 10, 2024 Town staff prepares a high-level estimate of budget forecast and presents to Council Budget Preparation: September – December 2024 Budget is drafted by Town staff Presentation to Council: December 10, 2024 Proposed Budget & Business Plan presented to Council Public Engagement: December 11, 2024 – January 7, 2025 Deliberations: January 14 and 21 (if necessary), 2025 This is the point in the budget process where Council balances the proposed budget expenditures to the revenues and establishes the municipal tax levy Council Consideration and Adoption: January 28, 2025 Council approves the budget by-law Execution:Council approved Programs and services are delivered throughout the year. Funds are expended in the process. Periodic budget variance reports are brought forth to Council by Administration to provide financial updates on year-to-date activities as compared to budget. |
How does the budget affect me? |
The budget affects you in many ways! It determines how much you pay in property taxes and the quality of services the Town is able to provide to you. A budget impacts the overall well-being of your community, including infrastructure, essential services, community growth and development. |
How are my property taxes calculated? |
Property taxes are calculated based on a combination of factors including the assessed value of the property as well as the Municipal, County, and Education tax rates. Municipalities are responsible to issue and collect all property taxes. Municipal Property Assessment Corporation (MPAC) determines the assessed value of all properties in Ontario. Tax rates are established through budgetary processes for applicable government jurisdictions. In Tecumseh, applicable government jurisdictions include:
The total property taxes invoiced are calculated by multiplying MPAC’s assessed value of the property by the combined tax rates (Municipal, County and Education rates). The calculation is as follows: Total Property Tax = (Assessed Property Value) x (Municipal Rate + County Rate + Education Rate) |
Budget and financial statements
Administration submits operating and lifecycle capital budgets to Council for approval on a yearly basis. This is done in accordance with the Council policy and the provisions of the Municipal Act.
An operating budget details the funds necessary to maintain the Town's day to day operations.
A lifecycle capital budget details the funds necessary to build and improve infrastructure and community projects.
To view the Town's budget documents or financial statements click on the links below.