Budget Glossary

The value assigned to a property by the Municipal Property Assessment Corporation (MPAC) used as a basis for property taxation.

One-time expenditures for major projects (often referred to as “infrastructure”) such as roads, vehicles/equipment, parks, sidewalks, trails, streetlights, playgrounds and buildings. It includes both the development of new, and the maintenance/rehabilitation of existing infrastructure.

A charge paid by developers to partially pay for the cost of new capital projects required as a result of growth (e.g., new roads, parks, trails, community centres, fire stations, etc.). Development charges do not cover the entire cost of a capital project, as legislation requires municipalities to fund a portion of most projects. In addition, certain expenditures are exempt from development charges and must be paid entirely by the municipality.

The expenditures (e.g., wages/benefits, supplies, contracted services, utilities, etc.) required to deliver day to day Town services. It also includes the revenues that the Town receives (e.g., user fees, interest income, building permit fees, etc.). Covers day to day costs.

Monies set aside for specific purposes, including both operating and capital budget items. There are two main types of reserves/ reserve funds: 

• Statutory/Obligatory – municipalities are required by legislation to establish certain reserve funds (e.g., Development Charges, Parkland, Canada CommunityBuilding Fund) 
• Discretionary – can be established by Council for a specific purpose (e.g., Vehicle/Equipment Replacement, Debt Reduction)

Based on the supplementary and omitted assessments issued by MPAC for new properties or improvements to properties that were not assessed on the annual assessment roll. Omitted assessments can be issued as far back as the current year plus two years (residents can be assessed back as far as 2020 for their new properties.