The 2021 operating and capital budget is ratified by council.
In a fairly quick process during council Monday night the elected body approved the financial framework, which sees the Municipal Tax Levy sit at 1.83% before growth and 1.60% after growth.
The levy though is only one part of what you’ll end up paying in terms of property taxes for 2021.
Linda Evans, the city’s certified professional accountant, noted in an earlier interview with Acadia Broadcasting that the process continues into the spring.
“What you pay is determined through the tax policy report that will be coming in April,” says Evans. “[It’s] really important to understand that at that time council will make the decisions around how much of that levy will be paid by each of the property classes.”
Evans stressed there’s no direct correlation between increases to the tax levy and what your property taxes end up being. It all comes down to the amount of the tax levy that’s finalized and what your property assessment value is based on MPAC.
Budget Figures
- The levy for the Thunder Bay District Social Services Administration Board is $167,800 lower than expected
- Council reduced the hit to the stabilization reserve fund by $1,534,200 to fund the $8.7 million COVID impact (that includes recognizing $1.24 million in 2021 Safe Restart funding)
- Insurance costs are $234,400 less than estimated
- $138,400 increase for Canada Penson Plan/Employment Insurance costs
- $149,400 in reduced debenture interest, MPAC levy, Community Youth & Culture Funding Program ongoing
- $30,000 removed for Victoriaville budget for duct cleaning
- $15,000 addition to each organization: Thunder Bay and Area Food Strategy, Poverty Reduction Strategy and Age Friendly Thunder Bay
- $30,000 reduction in Victoria Avenue BIA contribution
- $67,900 removal of proposed transit fee increases
- $207,100 in tax supported electricity savings
- $150,000 removed for an Environmental Assessment for the Northwest Arterial
- $50,000 addition towards new landing docks for the Lakehead Canoe Club at Boulevard Lake
- $9,000 annually to the Infrastructure and Operations Roads Budget for the purpose of increasing the calcium spraying for gravel roads
- $100,000 removed from the Municipal Accommodation Tax reserve fund towards the Thunder Bay Sign project, which has no impact on the tax levy
Reducing The Hit On the Stabilization Reserve Fund
$1.5 million to fund the $8.7 million COVID impact
- Removing property acquisition for Northwest Arterial for $50,000
- Removing one pedestrian crossover for $75,000
- Adding Community Youth and Culture funding program COVID-19 relief for $83,800
- Removing CEDC COVID-19 related meeting costs for $12,000
- Reducing Library budget for $50,000
- Deferring re-opening of cashier counter service for 2021 for $41,000
- Deferring generator replacement at Fire Station #3 for $150,000
- Adding $1.24 million in Federal-Provincial Safe Restart operating funding for 2021
