Breaking News - Tariff Support - The Chamber is your source for Tariff Updates. Check out our page for the latest Tariff Resources, SUpport & Events
Peterborough + Kawarthas Chamber of Commerce
  • About Us
    • About Us
    • Contact Us
    • Board of Directors
    • Staff Directory
    • Careers
  • Events
    • Calendar
    • Host a Chamber Event
    • Monthly >
      • The Business Exchange (TBX)
      • ChamberAM
      • Not-for-Profit Group (NFP)
    • Annual >
      • Luminary Awards
      • Seniors Showcase
      • PK Excellence
    • Campaigns and Connections >
      • Sales Lead Network
      • 26 Coffees
      • #lovelocalptbokawarthas campaign
    • 26 Coffees Program
  • Membership
    • Join Us
    • Benefits >
      • Chambers Plan
    • Profile and Sponsorships
    • Resources
    • Members Only
  • News
    • Voice of Business Podcast
    • Voice of Business
    • The Business Beat
    • Subscribe to e-Newsletter
  • Resource Hub
  • Directory
  • Advocacy
    • Policy Resolutions
    • Advocacy at Work
    • Advocacy Wins
    • Subscribe to e-Newsletter
  • Breaking News - Tariff Support
    • Updates
    • Resources
    • Support
    • Trade Analytics
  • About Us
    • About Us
    • Contact Us
    • Board of Directors
    • Staff Directory
    • Careers
  • Events
    • Calendar
    • Host a Chamber Event
    • Monthly >
      • The Business Exchange (TBX)
      • ChamberAM
      • Not-for-Profit Group (NFP)
    • Annual >
      • Luminary Awards
      • Seniors Showcase
      • PK Excellence
    • Campaigns and Connections >
      • Sales Lead Network
      • 26 Coffees
      • #lovelocalptbokawarthas campaign
    • 26 Coffees Program
  • Membership
    • Join Us
    • Benefits >
      • Chambers Plan
    • Profile and Sponsorships
    • Resources
    • Members Only
  • News
    • Voice of Business Podcast
    • Voice of Business
    • The Business Beat
    • Subscribe to e-Newsletter
  • Resource Hub
  • Directory
  • Advocacy
    • Policy Resolutions
    • Advocacy at Work
    • Advocacy Wins
    • Subscribe to e-Newsletter
  • Breaking News - Tariff Support
    • Updates
    • Resources
    • Support
    • Trade Analytics

Budgeting for 2017

1/4/2017

 
Picture
Peterborough City Council has approved the 2017 budget.  What will you see in it?  A two percent increase in the general levy and a .72 percent increase for capital funding support for a total of 2.72 percent. 

Let’s take a look at some of the budget highlights for business as presented in the budget highlight book:

On the operating side, the Tax Ratio Reduction Program proposed by the Peterborough Chamber of Commerce,
Kawartha Manufacturers Association, and Peterborough and the Kawarthas Association of Realtors for the Commercial and Industrial property owners will continue on the timeline established in the 2016 budget. This means that Peterborough businesses can continue to remain competitive with similar businesses in other communities.

For example, consider two businesses in the same sector with the same bricks and mortar footprint. In the past, the business in Peterborough could be paying up to $30,000 more in taxes than the business in the other community.  The Tax Ratio Reduction Program is designed to even the playing field with other Ontario communities and bring the City of Peterborough into the province’s range of fairness. 

The City will pay 1,052.6 full and part-time equivalent employees $98.7 million for salaries and benefits in 2017.
On the capital side, the 2017 budget includes 193 projects totaling $79 million.  The money raised through the one percent increase for capital funding will be used to help increase the amount of money the City can safely borrow by $16.6 million.  

Some of the projects on the table include: 
  • Library Renovation and Expansion
  • Peterborough Humane Society Funding for new building
  • Low floor specialized transit vehicle

Also receiving a push forward is the Charlotte Street renewal and Louis Street Urban Park project. $700,000 is included in the 2017 budget.  However, another $2.1 million will be required to complete the work.  When done, it's anticipated the project will help stimulate renewal in the Downtown Core and the Charlotte Street West Business District.   

The new arena facility project to replace the Northcrest Arena will receive $1.2 million in 2017.  This money will be used to get a detailed design completed and Request for Tender (RFT) documents prepared.  Beyond 2017, $30.3 million will be required to complete the project.  City staff expect about $11.6 million to come from development charges, leaving the City to fund $18.7 million from other sources including user fees, community sponsors, grants or tax supported debt financing.

The City has also submitted an application to the Ontario 150 Community Capital Program for a $300,000 grant supporting the $600,000 rehabilitation of Barnardo Park in 2017.  

An always contentious issue is the Police Services Budget, which has been approved in full for operations, with a suggestion to delay replacing a vehicle for a year as a way to save money.  The total budget is just under $25 million. 

The budget process is one of reflection and sets the blueprint for action for the coming year.  It’s a process that happens in individual communities and has an impact on all citizens.  

In a recent interview for the Chamber's Business 911 program, Peterborough City CAO Allan Seabrooke spoke of the importance of capital projects and how improving the city helps with business attraction and retention.

The budget process is not one that exists in isolation.  A municipal budget is also reflective of the political environment and policies at the provincial and federal levels. 

Consider the new federal funding for public transit infrastructure.  Those projects can happen at a faster pace with federal funding.  But this type of funding is not always available and may only be available to use in a specific year.   
At the provincial level, after many years of downloading services to municipalities, there has been some uploading of services back to the province.  But there is one area in which chambers of commerce and boards of trade are asking for reform and that is in the interest arbitration system.  Interest arbitration is the only legal mechanism available to Ontario municipalities for settling disputes from contract negotiations with essential service providers.  The call is to ensure that this system reflects the municipality’s ability to pay increased costs (Obstacles and Opportunities: The Importance of Small Business, OCC 2016). 

This is a good budget, a responsible one, but remember it still does not solve all of the City’s issues.  There are still a lot of infrastructure dollars needed for capital projects and raising those dollars will be a continuous challenge.   

Toronto Bookkeeper link
8/27/2017 03:24:19 am

Nice Post.. Excellent Info.. Really amazing.. This was a fantastic article... really superb....


Comments are closed.

    Author

    The Peterborough and the Kawarthas Chamber of Commerce acts as a catalyst to enhance business growth, opportunity, innovation, partnerships and a diverse business community. 

    Archives

    May 2025
    April 2025
    March 2025
    February 2025
    January 2025
    December 2024
    November 2024
    October 2024
    September 2024
    August 2024
    July 2024
    June 2024
    May 2024
    April 2024
    March 2024
    February 2024
    January 2024
    December 2023
    November 2023
    October 2023
    September 2023
    August 2023
    July 2023
    June 2023
    May 2023
    April 2023
    March 2023
    February 2023
    January 2023
    December 2022
    November 2022
    October 2022
    September 2022
    August 2022
    July 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    July 2016
    June 2016
    May 2016
    April 2016
    March 2016
    February 2016
    January 2016
    December 2015
    September 2015
    August 2015
    June 2015
    May 2015
    April 2015
    January 2015

    Categories

    All

    RSS Feed

Copyright Greater Peterborough Chamber of Commerce.  ​All rights reserved.
175 George Street North, Peterborough, ON, K9J 3G6
Phone: (705) 748-9771  |  (705) 743-2331  
Home    |    Calendar    |   Site Map   |    Privacy    |    Accessibility
Join the Chamber
Picture
MemberClicks