Fiscal Stabilization Reserve created to help offset tax rates once GTA Pooling phased out
NEWMARKET- York Regional Council today approved The Regional Municipality of York $2.8 billion 2012 Business Plan and Budget which includes $1.2 billion in new funding for capital projects and $1.6 billion to maintain and operate York Region services.
“The 2012 Budget provides our residents with high quality services meeting both current and future needs in areas such as transit infrastructure, community and health services, policing, water and wastewater and roads,” said York Region Chairman and CEO Bill Fisch. “York Regional Council undertook a cautious and prudent approach to draft, update and pass a budget that continues to invest in our communities while recognizing the need to put aside funds for future capital asset replacement costs.”
The 2012 Business Plan and Budget includes a 1.8-per cent tax levy increase, which represents a $38 increase for a home assessed at $450,000.
“The 2012 Budget contains numerous service enhancements that benefit York Region residents across all nine area municipalities,” said Town of Richmond Hill Mayor David Barrow, Chair of the Region’s Finance and Administration Committee. “York Region staff are to be commended for a budget that increases services for all of our residents while ensuring the Regional tax levy increase remains below the rate of inflation.”
The process for the 2012 Business Plan and Budget began last spring with York Region departments and staff developing, revising and submitting draft budgets to York Region’s Finance department for evaluation and identifying efficiencies.
The draft Budget was tabled at York Regional Council on November 17, 2011 and was then subject to detailed scrutiny by Council’s Standing Committees in November and December. The Finance and Administration Committees considered the advice of the Standing Committees and recommended the Budget to Regional Council for approval.
York Region will contribute $8.6 million towards a new Fiscal Stabilization Reserve to stabilize tax rates once GTA Pooling is fully phased out, and a total $38 million towards the Capital Asset Replacement Reserve for future infrastructure replacement needs.
Highlights of the 2012 Operating Budget include:
• $274 million for York Regional Police, including 34 new sworn officers and 12 civilian staff, adding to more than 1,900 officers and staff
• $175 million for YRT/Viva, to provide approximately one million hours of transit service
• $84 million to provide Employment and Financial Support programs to economically-marginalized families and children; fund and administer approximately 6,000 social housing units; and provide financial assistance to 6,180 households through Ontario Works
• $59 million for Waste Management to process approximately 360,000 tonnes of solid waste
• $53.5 million to manage approximately 3,500 lane kilometres of Regional roads
Highlights of capital projects approved in the 2012 Capital Budget include:
• $275 million for the construction of Spadina Subway Extension into York Region
• $140 million for the construction of York Durham Sewage System (YDSS) Southeast Collector
• $73 million for water and wastewater cost-shared work program (Peel Region and City of Toronto)
• $31 million for the construction of 140 affordable housing units in Richmond Hill
• $30 million for the construction of an Energy From Waste facility in Durham Region
• $13 million for land acquisition for a transit vehicle garage in the Town of Newmarket
• $13 million for the widening of Stouffville Road from Highway 404 to McCowan Road
York Region is responsible for the delivery of 13 core services to residents and businesses:
- York Regional Police
- Regional Transit (YRT/Viva)
- Emergency Medical Services
- Court Services
- Regional Roads
Water and Wastewater Treatment
Planning and Economic Development
Long Term Care
Family and Children’s Services
Standard & Poor’s and Moody’s investor services have consistently awarded York Region AAA credit
ratings, partly in recognition of York Region’s policy of allocating funds annually to reserves. The Region has maintained consistent AAA ratings with both credit agencies since 2000. The Region’s high credit rating allows it to finance its debt at more favourable interest rates and translates into savings for Regional taxpayers.
Please refer to accompanying Media Backgrounders for detailed information on:
1. Capital Budget Highlights
2. Operating Budget Highlights 3. Where Your Tax Dollar Goes
4. GTA Pooling 5. Regional Debt and DCs
A media release on the 2012 York Regional Police budget is also attached.
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Media Contact: Ken Turriff, Corporate Communications, York Region
1-877-464-9675, ext. 1226 • Cell: 905-251-6415 • email@example.com