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Administrative Report <br />Office of the Director of Financial Services/Treasurer <br />To: <br />From: <br />Date: <br />Subject: <br />Report #: <br />Warden McNamara and Members of County Council <br />Sandra Zwiers, MAcc, CPA, CA <br />Director of Financial Services/Treasurer <br />Wednesday, December 02, 2020 <br />2021 Budget Overview <br />2020-1202-FIN-R019-SZ <br />Purpose <br />The purpose of the report is to provide Council with a corporate overview of <br />the issues affecting the operations for 2021 and their corresponding impact <br />on the County Levy and municipal tax rates. <br />Background <br />The preparation of annual estimates for the upper tier is prescribed by <br />Section 289 of the Municipal Act 2001, S.O. 2001, c.25. <br />An upper-tier municipality shall in each year prepare and adopt <br />a budget including estimates of all sums required during the <br />year for the purposes of the upper-tier municipality… <br />In preparing the budget, the upper-tier municipality shall treat <br />any operating surplus of any previous year as revenue that will <br />be available during the current year; shall provide for any <br />operating deficit of any previous year… and may provide for <br />such reserves as the upper-tier municipality considers <br />necessary. <br />Page 2 of 142