Budget and Finances

2023 Long Term Financial Plan

The 2023 Long Term Financial Plan was presented as part of the Town of New Tecumseth  Finance Planning Working Session held on June 16, 2022. 

Approved 2022 Budgets

The Town of New Tecumseth adopted its 2022 Budgets at its December 13th Council meeting.

The Approved 2022 Budget reflects a net general levy of $39.8M, which translates to a 1.32% general levy increase. In addition, the Town has implemented a Capital Levy to help support the renewal of aging infrastructure requiring an additional 0.5% levy increase. The combined levy increase is 1.82%, which represents a property tax increase of approximately $67 for the average home valued at $452,695.

 The Town’s portion of the average residential property tax bill is estimated at $2,409 or approximately 55% of the total property tax bill, with the balance redirected to Simcoe County and Education Boards. 

 The Town’s budget is a balanced blend of providing community services, sustaining aging infrastructure and progressively managing growth. This budget serves to address all the above.

Key Operating Highlights include:

  • Enhanced By-law resources
  • Enhanced Facility resources
  • Enhanced funding to COVID-19 economic recovery strategy
  • Investments in Guiderail and Transit enhancements
  • Increased investment in asset replacement reserves

The Town budget includes $36M in capital consisting of 60 projects, funded from a variety of sources. Significant 2022 capital works include:

  • Dayfoot Street Reconstruction, $9.4M
  • 7th Line Reconstruction, $5.9M
  • 12th Line Bridge Replacement, $4.3M
  • Hillcrest Well & Pump St Improvements, $2.1M 
  • Beattie Bridge Utility Relocations, $1.6M
  • McKelvey Pump Upgrades, $1.4M
  • Groundwater Well Optimization, $1.3M
  • Fire Station 3 Expansion, $1.4M
  • Belterra – Off Leash Dog Park and Trails, $840K
  • Gravel Road Program, $800K 

The Water and Wastewater budget approval results in a 6% increase to water and wastewater rates effective April 1, 2022. The impact of the proposed rate change for an average residential home using 200 cubic meters of water per year is approximately $53.  The Town continues to provide one of the lowest Water and Wastewater rates in Simcoe County and comparable GTA municipalities.

Summary content and specific budget details are available within the Town’s Approved 2022 Budget Document.

    

  Past Budgets

Financial statements

Our yearly financial statements are available as well, which have financial information for the Town, Library and Business Improvement Associations.

Cheque Summary Report