Budget and Finances
2022 Budget Notice
The Council of the City of Thorold will consider the adoption of the 2022 Operating and Capital Budgets, at its Council meeting of January 25, 2022
Posting of this notice fulfills the notice requirements under the City’s Notice By-Law
Maria J. Mauro
Director of Finance
Budget and Finances
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. With a stable reserve fund and decreasing debt, Thorold has a healthy financial scorecard.
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.” |
Obtaining a Statement of Account |
If you require a current Statement of Account for your property, you may request to receive one electronically via email or standard mail. A Statement of Account may be required by your financial institution if you are renewing a mortgage or refinancing. To receive your statement, please call 905-227-6613 or email finance@thorold.ca |
Obtaining a Property Tax Certificate |
If you are moving, your lawyer will require a Tax Certificate. Please email finance@thorold.ca |
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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