Budget and Finances
2023 Budget Notice
The Council of the City of Thorold will consider the adoption of the 2023 Operating and Capital Budgets, at its Council meetings of Jan. 31 and Feb. 8.
Review details of the 2023 budget package on eScribe.
See changes made by Council at the Feb. 8 budget meeting here.
The City of Thorold is committed to a responsible and balanced approach to budgeting and managing municipal finances. The City's approach is to continue to provide top quality services and affordable property taxes, while meeting the needs of a growing community and planning for the future.
Operating and Capital Budgets |
Each year as part of the budget process, the City must seek a balance between the fiscal pressures of tax rate changes and the costs of providing programs, services and facilities. The budget process is focused on delivering initiatives as determined by City Council as well as maintaining existing service levels and planning for infrastructure renewal. The budget documents outline the spending targets for the City for the year and the tax rate required. The budget is an important element in the accountability cycle and provide a standard against which subsequent performance can be judged. The Finance Department is responsible for the co-ordination and preparation of the annual operating and capital budgets.
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Financial Statements |
The City of Thorold's consolidated financial statements reflect the City's balances of assets and liabilities at the end of the fiscal year and the net revenues and expenses for the fiscal year. The consolidated financial statements include the operations of the City, the City's various committees, the Thorold public Library and the Thorold BIA. The preparation of annual financial statements is required by the Municipal Act, 2001, Section 294.1 which states: “A municipality shall, for each fiscal year, prepare annual financial statements for the municipality in accordance with generally accepted accounting principles for local governments as recommended, from time to time, by the Public Sector Accounting Board of the Chartered Professional Accounts of Canada.” |
Supplementary/Omitted Tax Billings |
Property Assessment Change Notices are issued for additional assessment (such as swimming pools, decks or other additions), new homes or property class changes. The property tax dollars associated with the changes are retroactive to the date of occupancy / purchase, or when the renovation or alterations were completed.
Please note the Municipal Property Assessment Corporation (MPAC) assesses your property for the additional assessment, a new home or a property class change which could take up to three years to occur. The City issues your supplementary/omitted tax bill(s) and payments are typically due in two installments. Depending on the determined assessment, the additional property taxes may be in the thousands of dollars. The City may be able to assist in preparation for the imminent supplementary/omitted tax bill(s) to minimize the impact of this bill. Please contact the Finance Department for additional information and assistance. |
Municipal Property Assessment Corporation Contact |
Call: 1-866-296-(MPAC) 6722
1-877-889-(MPAC) 6722 TTY Learn more about your property assessment at About my Property. |
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