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3064 To provide for the adoption of budgetary estimates, tax rates and to further provide for penalty and interest in default of payment thereof for 2003. :THE CORPORATION OF THE TOWN OF TILLSONBURG BY-LAW NO. 3064 A BY-LAW TO PROVIDE FOR THE ADOPTION OF BUDGETARY ESTIMATES, TAX RATES AND TO FURTHER PROVIDE FOR PENALTY AND INTEREST IN DEFAULT OF PAYMENT THEREOF FOR 2003. WHEREAS Section 367 of the Municipal Act, R.S.O. 1990, chapter M.45, as amended, provides that the Council of a local municipality shall prepare and adopt estimates of all sums required during the year for the purposes of the municipality, WHEREAS Section 368 of the said Act provides that the Council of a local municipality shall, after the adoption of estimates for the year, pass a by-law to levy a separate tax rate on the assessment in each property class, WHEREAS Sections 362 and 363 of the said Act require tax rates to be established in the same proportion to tax ratios; and, WHEREAS certain regulations require reductions in certain tax rates for certain classes or subclasses of property. Now therefore the Council of The Corporation of the Town of Tillsonburg enacts as follows: 1) That the budget estimates setting out the revenues and expenditures as detailed on Schedule "A" for the year 2003 as attached hereto and forming part of this by-law be adopted. 2) That the tax rates hereby adopted for each class for the year 2003, excluding local improvement rates or other special rates collected as taxes, shall be the tax rates as listed on Schedule "B" attached hereto and forming part of this by-law and the tax rate for each class shall be applied against the whole of the assessment for real property for that particular class. 3) That every owner shall be taxed according to the tax rates in this by-law. The taxes for a particular property shall be calculated by applying the Current Value Assessment times the tax rates set out as adjusted by the provisions of Bill 79, The Fairness for Property Taxpayers Act and further adjusted by Bill 140, The Continued Protection for Taxpayers Act 2001. Such taxes shall become due and payable in two installments as follows: PROPERTY HAVING ENTIRE ASSESSMENT IN THE FARMLAND, FARMLAND AWAITING DEVELOPMENT PHASE 1, RESIDENTIAL, AND PIPELINE CLASSES: FIRST INSTALMENT Wednesday, August 27, 2003 PROPERTY HAVING ANY ASSESSMENT IN THE BROAD COMMERCIAL, INDUSTRIAL, AND MULTI -RESIDENTIAL CLASSES: FIRST INSTALMENT Friday, September 26, 2003 ALL PROPERTY CLASSES: SECOND INSTALMENT Friday, October 24, 2003 Notice of such taxes due shall be sent by first class mail to those persons shown as liable for the payment of taxes. 2 4) That a charge as a penalty of 1 and 1/4 per cent on the amount of any outstanding taxes levied in 2003 shall be made on the first day of default and on the first day of each calendar month thereafter in which default continues until December 31, 2003, and any such additional amounts shall be levied and collected in the same manner as if they had been originally imposed with and fort-ned part of the taxes levied under this by-law. 5) That interest of 1 and 1/4 per cent on the amount of any taxes due and unpaid after December 31, 2003, shall be charged on the first day of each calendar month thereafter in which default continues. This by-law shall come into effect on the date of the final passing thereof. READ a first, second and third time, passed, signed, sealed and numbered 3064 this 7th day of July, 2003. 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Nfil y %..� I '�N� V+N 1 ^'N I I J� I W OC T I ''. �'%•-•.. �, %f' , %..�, I � W'",' N.^.. x �L 110"i TOWN OF TILLSONBURG 2003 FINANCIAL PLAN 2003 Financial Plan initially presented to council: Adjustments made: Corporate Administration 2002 Projected surplus increased by Revised County Roads recovery charge Initial Corporate Administration 2002 Operating surplus reserved for future Revised infrastructure projects Initial Corporate Administration FMW Enterprise budget tool Revised - missed annual mtce fee Initial Corporate Administration Building Department Software - software budget removed from Building Dept missed being added to IT Budget Revised (Hardware cost of $1,400 already included) Initial Fleet Moved Floor Jack and Misc equipment Revised from Capital to operating budget Initial Roads Use of the 2002 surplus reserve Revised to fund 2003 Roads capital projects Initial Roads County Roads recovery Revised - missed in initial budget Initial Other Adjustments: CRF Funding Revised - Notice of 2003 Funding received Initial $ (247,000) $ (172,005) $ (74,995) $ (247,000) $ 247,000 $ 35,000 $ 30,000 $ 5,000 $ 12,000 $ - $ 12,000 $ 3,700 $ 3,700 $ - $ (247,000) $ - $ (247,000) $ (75,000) $ - $ (75,000) Prepared: 7/7/2003 $ 8,338,508 2.944% $ (228,000) $ (223,000) $ (5,000) $ (137,995) $ 8,200,513 1.240% 2003 Bylaw 3064 Schedule A.xls Changes to Financial Plan