2014-2016 Business Plan Update &

2014 Budget

Business Plan & Budget Overview

Budget Committee November 26, 2013

Transit Service Area Budget Adjustments

2

The proposed transit service area budget was prepared with the expectation of full year operation of phase one of the Mississauga Transitway in 2014 and a fuel price increase based on mid-year diesel fuel pricing. Based on recent developments the following budget adjustments are proposed:

Mississauga Transitway Operating Cost Adjustment ($-350K)

The delay in the opening the Transitway will result in savings in station and roadway maintenance costs. The delay will generate a one time saving of $350k in 2014 .

MiWay Diesel Fuel Budget Increase Adjustment ($-350K)

Based on mid-year pricing the 2014 budget was prepared with a fuel price of $1.04 per litre which resulted in a increase of $1.7M. In consideration of current pricing and the outlook for 2014 an average price of $1.02 is recommended yielding a budget reduction of $350K. The pricing for 2015/16 will be reviewed in the next business planning cycle to account for rapidly changing market conditions in North America.

Proposed Budgets Impact on Residential Tax Bill

3

Description 2014

($Millions)%

Change

Impact on City’s Portion

of Residential

Tax Bill

Total Residential

Tax Bill (including

Region and Education)

Proposed Budget Excluding Special Purpose Levies

$382.6 3.2% 

Emerald Ash Borer Management Plan $2.8 0.8%

Capital Infrastructure Levy and Debt Repayment Levy

$7.4 2.0%

UTM Funding $1.0 0.3%

Total Proposed Budget $393.8 6.3% 1.9% 2.5%

Mississauga Transitway Operating Cost Adjustment

($0.35) (0.1%)

Miway Diesel Fuel Budget Adjustment ($0.35) (0.1%)

Adjusted Proposed Budget $393.1 6.1% 1.8% 2.4%

Region of Peel’s Budget is now forecast at 1.5% or 0.6% on the Total Tax Bill