Fiscal Strategy

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395 Mulock Drive P.O. Box 328 Station Main, Newmarket, Ontario
L3Y 4X7
905-895-5193

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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:

  • Newmarket has moderately high fiscal capacity and average to slightly below average infrastructure intensity 
  • Newmarket has below average reserves
  • Newmarket's expenditures are relatively low

Summary of Recommendations - there are 79 in total:

  1. Refine the capital budget process 
  2. Revise the development charge (DC) by-law to incorporate legislative changes 
  3. Prepare a community  benefits charge (CBC) strategy and by-law 
  4. Accelerate work on asset management plans (AMP) and integrate them with the budget process and DC Study update (Item 2) 
  5. Increase spending on infrastructure rehabilitation and replacement 
  6. Carry out a comprehensive rate setting study that covers water, wastewater and stormwater rates 
  7. 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. 
  8. Review our investment strategy and practices to increase returns 
  9. Update policies that support the Fiscal Strategy 
  10. The Treasurer should provide an annual update of the fiscal strategy to Council

Reports and Presentations 

A Special Committee of the Whole meeting - Electronic was held on November 9, 2020 to review a blueprint for next steps and an ongoing methodology to measure progress. 

Video for the Special Committee of the Whole meeting on November 9, 2020:  https://pub-newmarket.escribemeetings.com/Players/ISIStandAlonePlayer.aspx?ClientId=newmarket&FileName=New%20Encoder_SCOWE_2020-11-09-12-43.mp4

The meeting started with a presentation, followed by general discussion. 

Presentation on the implementation of the Fiscal Strategy:

https://pub-newmarket.escribemeetings.com/filestream.ashx?DocumentId=23852

Fiscal Strategy - Next Steps

https://pub-newmarket.escribemeetings.com/filestream.ashx?DocumentId=23853

Appendix A - Fiscal Strategy Recommendations

https://pub-newmarket.escribemeetings.com/filestream.ashx?DocumentId=23854

Updates will be conveyed on this web page.