Fiscal Strategy
In line with a number of our core values including accountability, accessibility, courage and creativity - we have proactively created a fiscal strategy to ensure our future sustainability as a community. This was presented to Council on September 28, 2020. Overall, in comparison to fellow Ontario municipalities, our financial position is good and we have identified some areas where we have more work to do.
Key Findings and Recommendations
Overview of Comparative Fiscal Diagnostics:
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Newmarket has moderately high fiscal capacity and average to slightly below average infrastructure intensity
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Newmarket has below average reserves
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Newmarket's expenditures are relatively low
Summary of Recommendations - there are 79 in total:
- Refine the capital budget process
- Revise the development charge (DC) by-law to incorporate legislative changes
- Prepare a community benefits charge (CBC) strategy and by-law
- Accelerate work on asset management plans (AMP) and integrate them with the budget process and DC Study update (Item 2)
- Increase spending on infrastructure rehabilitation and replacement
- Carry out a comprehensive rate setting study that covers water, wastewater and stormwater rates
- Employ strategies to increase contributions to reserves to build them to more appropriate levels. This includes the Asset Replacement Fund, Rate Stabilization, Contingency and Growth.
- Review our investment strategy and practices to increase returns
- Update policies that support the Fiscal Strategy
- The Treasurer should provide an annual update of the fiscal strategy to Council
Reports and Presentations
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September 28, 2020 Council Workshop
