Administration Finance Committee

Resolved that Report FIN 14-08 dated March 25, 2014 regarding the 2014 Consolidated Budgets be received, and 1. That the 2014 consolidated general budget of $24,217,090 and a general tax levy of $9,577,340 as outlined in Schedule “A” be approved and included in the 2014 tax rate by-law; and 2. That the 2014 consolidated sanitary sewer budget of $8,403,105 and a sanitary sewer levy of $4,845,105 as outlined in Schedule “C” be approved and included in the 2014 tax rate by-law; and 3. That the 2014 consolidated water budget of $7,693,405 as outlined in Schedule “C” be approved and included in the 2014 water rate by-law; and Page 3 of 3 Administration & Finance Committee March 31, 2014 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 amounts 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 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.