Budget and Financial Statements

Treasury

The Treasury Department is responsible for all accounting services for the corporation including the collection of property taxes, the payment of bills for all department purchases of good and services, payroll and personnel records, invoicing and collection of general fees.

In addition, Treasury manages the cash and investments of the Township. This includes the general bank accounts as well as funds of the Financial Reserves.

Every year the Township develops and adopts a Budget to guide activities and expenditures, and establish the amount of revenue required to fund these.

Budgets and Tax Rates

Approved Budgets

To view previous budgets, please visit our Document Centre.

Final Tax Rates

To view previous Tax Rates, please visit our Document Centre.

Audited Financial Statements

To view previous Audited Financial Statements, please visit our Document Centre.

Salary Disclosure

2023 Record of Salaries and Benefits

To view previous Records of Salaries and Benefits, please visit our Document Centre.

Council Remuneration

2023 Council Remuneration Expense Statement

Budget Frequently Asked Questions

How much is the Township raising taxes this year?

Taxes are calculated based on assessment value and the tax rate. The assessment value used for taxation as determined by the Municipal Property Assessment Corporation (MPAC) was valued in 2016. The tax rate increase for 2024 will be 14.3% to $1.49 per 1,000.

Why is the increase so significant?

The province mandated all Ontario municipalities to prepare an asset management plan for current infrastructure that looks at condition, replacement cost and financing. The Township has undertaken a series of master plans and studies over the past few numbers to help inform the development of an asset management plan. The key findings of those studies is that the Township is underfunded for its future capital needs.

What is the money being used for?

Approximately 2/3 of the taxes collected, supplemented by user fees and charges, pay for the cost of operations and maintenance. In 2024, nearly 1/3 of every tax dollar will pay for future capital needs.

What is the impact on my tax bill?

In 2023, the Township made up 20% of the total tax bill with the District of Muskoka making up 54% and the province accounting for 26%. The tax increase levied by the Township will result in an additional $18.63 per $100,000 of assessment over 2023.

Can't this be paid for using debt?

Infrastructure renewal on current assets is typically funded by municipalities through reserves. Unlike the federal and provincial governments, municipal debt loads are capped by legislation. Debt financing is typically reserved for new builds and expansion of capital infrastructure rather than lifecycle costs on current assets.

Does this mean my road will get done this year?

The current 10-year capital forecast is estimated in excess of $120 million. The Township has a method of determining capital priorities by evaluating asset condition, safety and utilization. The funding of reserves is not intended to accelerate the capital forecast but ensure there is sufficient funding to execute on it.

Is this a one-time thing? Should I expect to go back to a normal increase next year?

The Township taxes residents based on the costs of service delivery, including capital renewal. The cost of financing capital needs have increased significantly since the onset of the pandemic due to extraordinary inflation, deteriorating asset conditions and delays caused by supply chain and labour availability. It will be important to get the tax levy and the costs of service aligned to ensure the Township’s future financial sustainability.