The Budget Committee shall:
Warden Mennill (Chair)
The Budget Committee will review and approve the budget process timeline and will review and approve the template and information which will be contained in departmental presentations.
The Budget Committee will receive presentations from each of the County of Elgin’s core services and provide comment and suggestions.
The Budget Committee will review revisions made to Departmental Budgets based on feedback given at the November 9 meeting.
The Budget Committee will review and provide feedback on the Consolidated Budget (Operating and Capital).
County Council Reviews the Consolidated Budget as presented by the Budget Committee and provides feedback.
The Budget Committee reviews the feedback about the Consolidated Budget as provided by County Council and discusses any actionable items. A discussion about tax rate will also occur at this meeting.
County Council will review the final details of the Operating and Capital Budgets for 2021 and will set proposed tax rates.
Infrastructure, land, buildings, machinery, equipment and other items that provide long term benefits.
Capital Assets that deliver essential public service to support commercial and residential activities (ie. roads, water and sewage systems).
The annual plan for the purchase and financing of the County’s operations. It includes salaries, materials and supplies. After all revenues are matched (ie. user fees), the tax levy and reserves are used to balance the budget.
An allocation of accumulated net revenue to set aside funds for future expenditures.
The portion of a capital project that has been paid for by borrowing, either through debentures or borrowing from the County’s own reserves. Over time, the capital fund will be paid down through taxation.
The annual plan for the purchase and financing of Capital Assets.
The gap between what is required to maintain infrastructure and what funding is available.
The rules for Municipal Financial Statements.