Administration Finance Committee

Resolved that Report FIN 12-09 dated March 22, 2012 regarding the 2012 Consolidated Budgets be received, and 1. That the 2012 consolidated general budget of $20,915,125 and a general tax levy of $8,841,790 as outlined in Schedule "A" be approved and included in the 2012 tax rate by-law; and 2. That the 2012 consolidated sanitary sewer budget of $7,886,100 and a sanitary sewer levy of $4,641,100 as outlined in the Schedule "B" be approved and included in the 2012 tax rate by-law; and 3. That the 2012 consolidated water budget of $6,834,210 as outlinded in Schedule "B" be approved and included in the 2012 water rate by-law; and 4. That payment of the actual costs applicable to the debenture financing of the Grimsby Library/Art Gallery and the Peach King Centre be derived from the interest and related payments provided to the Town through a promissory note with Grimsby Power Inc.; and 5. That for purposes of certainty and direction the amount assessed to the operating budget for payment of the debentures identified in recommendation 4 be removed at the expiration of the debenture in 2014; and Page 3 of 3 Committee of the Whole March 26, 2012 6. That in accordance with Ontario Regulation 284/09, the Town exclude from its current estimates amounts for amortization expense and post- employment benefit expenses.