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York Regional Council today approved The Regional Municipality of York $2.7 billion 2015 budget, which includes $826 million in funding for capital projects and $1.9 billion to deliver high quality services to the Region’s residents and businesses.
The 2015 budget includes a 2.97 per cent tax increase, representing an additional $64 for an average residential property in York Region.
The budget also includes an outlook for each of the remaining three years of Council’s term. The outlooks for the next three years propose decreasing tax increases of 2.85 per cent in 2016, 2.69 per cent in 2017 and 2.35 per cent in 2018.
Responding to concerns regarding traffic congestion, the budget will invest more in transportation during the term of this Council than during any previous term. Over the next five years, York Region will invest $809 million in roads. With federal and provincial partners, the Region will also invest $1.9 billion in transit.
Budget Highlights:
The 2015 operating budget includes the following new additions:
33 police officers and 13 civilian staff
20 additional paramedics to service high-call volume areas and 23 paramedics converted from casual to permanent
Responding to an increased need for mental health programs and services
Opening of the state-of-the-art transit operations, maintenance and storage facility
Continued implementation of the VivaNext bus rapid transit services on the new rapidways
Funding for the Regional contribution to Yes to York campaign for a York University campus in the City of Markham
The 2015 Operating Budget includes:
$520 million for Environmental Services
$442 million for Community and Health Services
$316 million for York Regional Police
$311 million for Transportation Services
The 2015 Capital Budget includes:
$223 million for wastewater
$155 million for York Region Rapid Transit Corporation
$134 million for Regional roads
$123 million for water
Highlights of 2015 capital projects
$223 million for Wastewater, including:
Duffin Creek wastewater treatment plant stage 1 and 2 upgrades
Construction of the York Durham Sewage System (YDSS) Southeast Collector
Queensville/Holland Landing/Sharon York Durham Sewage System (YDSS) Connection
$155 million for York Region Rapid Transit Corporation, including:
Construction of Toronto-York Spadina Subway Extension into the City of Vaughan
Completion of Viva bus operations, maintenance and storage facility at Headford Business Park in the Town of Richmond Hill
$134 million for Regional Roads, including:
Widening of 2nd Concession from Green Lane to Doane Road in the Town of East Gwillimbury
Widening of Highway 7 from Town Centre Boulevard to Sciberras Road in the City of Markham
Widening of Major Mackenzie Drive from Pine Valley to Highway 400 in the City of Vaughan
Reconstruction of Bathurst Street from Green Lane West to Yonge Street in the Town of Newmarket
Renewal projects, including road and bridge rehabilitation
$123 million for Water, including:
Construction of Peel water supply cost shared work
Construction of pumping station and watermain for Pressure District 8 in the Town of Richmond Hill
Construction of Toronto water supply cost shared work
Construction of Nashville Road watermain for Pressure District 6 in the City of Vaughan
$42 million for York Regional Police, including:
Construction of a new training facility in the Town of East Gwillimbury
Replacement of current radio system
$30 million for York Region Transit, including:
Purchase of 12 replacement and four new conventional buses
Major structural refurbishing and mechanical overhaul for conventional and Viva buses
Regional Fiscal Strategy reduces debt and saves more for the future
As part of The Regional Municipality of York’s $2.7 billion 2015 budget approved today, York Regional Council adopted an enhanced fiscal strategy.
The fiscal strategy is an integrated approach that reduces debt, saves for the future and manages the capital plan.
To reduce debt, the fiscal strategy better aligns the timing of infrastructure investments to when they are needed, reducing the need to issue new debt. This approach will reduce the need for new debt by $1.3 billion over the next 10 years.
To save for the future, York Region is contributing more to reserves that will pay for the future rehabilitation, replacement or addition of assets. This year:
· Council allocated $75 million to asset replacement reserves
· York Region’s total reserves are now at $1.7 billion
· Reserves are expected to grow by $2.5 billion in 10 years
Approximately 85 per cent of York Region’s debt was acquired to invest in the infrastructure needed to support growth and will be repaid by Development Charges.
Development Charges are paid by developers to the Region for the essential infrastructure, including water supply, sewers and sewage treatment facilities, roads, bridges and public transit that must be in place before homes can be built.
In 2013, York Region created a new debt reduction reserve to be used to pay for infrastructure that does not meet the needs of growth and cannot be funded by development charges. This reserve effectively eliminates the need to issue new tax-supported debt in the future.
To take action now to pay down debt, York Region will pay back $173 million in principal in 2015.The fiscal strategy helps the Region to maintain its superior credit ratings, allowing the Region and the nine area municipalities to finance debt at the lowest possible cost.
For 14 years, York Region has consistently maintained a strong credit rating. In 2014, Moody’s reaffirmed its Aaa rating and Standard & Poor’s rated York Region AA+. This allows the Region and its nine area municipalities to finance debt at the lowest possible cost.
2015 to 2019 Strategic Plan outlines Regional priorities for the next four years
The plan provides a detailed course of action for the next four years within the following four strategic areas:
· Economic Vitality
· Healthy Communities
· Sustainable Environment
· Good Government
Highlights of the 2015 to 2019 plan include:
· Managing traffic congestion within York Region
· Addressing affordable housing concerns
· Continuing to support the attraction of high quality jobs to the Region
· Increasing the health and resiliency of our communities
· Achieving Regional fiscal sustainability
· Continuing to manage the Region’s growth
· On-going protection of our natural environment
· Improving the way York Region’s programs and services are accessed
The plan aligns with York Region’s multi-year budget and results will be reported throughout the term of Council.
(Source: The Regional Municipality of York ) |
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