Updated results of Bradford’s finances for the first 10 months of 2024 are in, and things are still looking good.
The town’s year-to-date financial results as of Oct. 31 appear to be on or below established budgets with no significant issues, according to a report from Nathalie Carrier, deputy treasurer, included as part of the regular council meeting on Dec. 3.
Bradford currently has about $5 million in surplus revenue for the rest of the year, all from taxation revenues, all of which have been accounted for the year.
The only additional tax revenue could come from potential supplementary taxes sent by the Municipal Property Assessment Corporation (MPAC).
“Everything’s in good shape,” Mayor James Leduc said.
The report notes that some internal transfers have been updated to accommodate the town’s new staffing structure, meaning some lines vary from what was approved in the 2024 budget.
Water and wastewater services are also currently showing a surplus of $2.1 million.
When it comes to capital projects, the report notes the town planned $41.6 million worth of investment in 2024, with $22.2 million carried over from 2023. Council has approved $537.9 million of investment for capital projects extending to 2028, of which almost $255.4 million has been completed and $282.5 million remains to be completed.
The town had about $56.7 million in discretionary reserve funds as of Oct. 31, with about $ 22.1 million left to be funded from them by Dec. 31. It also has about $28.4 million in mandatory town reserves with about $16.5 million left to be funded by Dec. 31.
Council received the report for information without discussion.
A separate report from Vanessa Morum, manager of legal, risk management and procurement, showed there was no sole-source nor emergency procurement worth more than $10,000 between July 1 and Sept. 30.
However, there was one contract awarded by council that exceeded the approved budget by less than $10,000.
A replacement fire prevention vehicle, the purchase of which was delayed until this year, was anticipated to exceed the $45,792 approved in the 2022 capital budget by $23,705 and come to a total of $69,497.
Morum reported that cost was offset by the auction of surplus vehicles in January and October this year for $13,075 and $11,915, respectively.
Next year's tax bills to be on the way soon
Later in the meeting, committee of the whole recommended council endorse the 2025 interim tax levy bylaw, based on a report from revenue services manager Jackie Syme.
That would allow the town to collect about $40 million in property taxes for the town, plus portions for the County of Simcoe and education through the first two of four due dates.
Those are expected to be Feb. 27 and April 28, with the first bills anticipated to be released by Feb. 6 in order to provide 21-days notice.
Under the Municipal Act, those interim bills are capped at half of whatever residents paid in the previous year.
After the meeting, Ian Goodfellow, the town’s director of finance and treasurer, explained staff are waiting for the county to finalize their tax policy after county council approved a roughly 3.63-per-cent tax increase.
That also followed local deliberations on Bradford’s operating and capital budgets last month, which are expected to see a roughly 2.7-per-cent tax increase and about $19.5 million in projects in 2025.
As a result, the final property tax levy bylaw isn’t expected until sometime in May, likely to be followed by the final two tax payments due around June and September.
Recommendations from committee of the whole are considered for approval at the next regular council meeting.
