View - The Municipality of Lambton Shores

THE MUNICIPALITY OF LAMBTON SHORES
TR Report No. 03-2013 Tuesday, January 8, 2013
TO:
FROM:
RE:
Mayor Weber and Members of Council
Janet Ferguson, Treasurer
Annual By-laws
RECOMMENDATION:
That Council passes the pertinent by-laws for the Interim Tax
Billing and the Annual Borrowing for Current Expenditures as
outlined in Treasurers report TR-03-2013.
REPORT
At the beginning of every year we pass two pertinent by-laws, one that establishes our
interim tax billing and one that establishes our operating line of credit for current
expenditures.
Each year the Municipality issues two property tax billings, the interim at the end of
January and the final at the end of July. As per section 317 of the Municipal Act a bylaw
is required to establish an interim billing amount, due dates and penalties.
The interim billing is 50% of the previous year’s total taxes and split into two
installments. The historical due dates for the Lambton Shores interim tax bill are the
last business day of February and May which for 2013 the dates will be February 28 th
and May 31 st . Sec 345 of the Municipal Act establishes the penalty for taxes in default
at 1.25 percent per month. These items have been prepared in By-Law 1 of 2013 for
your approval.
We establish a borrowing by-law to meet current expenditures on an annual basis. This
borrowing is basically a line of credit established with our financial institution, the CIBC,
to cover any shortfall in funds for the day to day operations throughout the year that we
may experience when the expenditures don’t coincide with the flow of taxation or other
revenue dollars. The value established is $2,000,000.00 and has been consistent for
the past several years. The rate as per our credit agreement is prime minus 0.15%.
By-law 2 of 2013 has been prepared for your approval.
Respectfully submitted,
Janet Ferguson,
Treasurer
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