interoffice memorandum

to: mayor and council

from: don studholme

subject: 2008 budget

date: May 9, 2008

cc: nancy allick

Attached is a revised Summary of Operating Budget and a revised Capital Budget. This is based on a 2.5 % increase in the tax rate. There are still a number of issues I need to deal with in the commercial sector and I am working with Municipal Affairs on these issues. These issues relate to the commercial tax ratio and capping.

The impact of this increase on the sectors is:

Residential: 47 properties over $100

337 properties between $50 - $100

1,144 properties between $25 - $50

2,008 properties under $25

Multi-Residential: 2 properties over $1,000

3 properties between $500 - $1,000

6 properties between $225 - $350

8 properties between $100 - $165

16 properties between $40 - $100

Industrial: 4 properties over $1,000

1 property at $800

1 property at $400

3 properties between $100 - $200

2 properties between $50 - $100

23 properties between $0 - $100

I am looking for direction from Council that they are fine with this proposal so I can proceed with confirming my numbers and arrange to have the budget passed on June 3, 2008. I am planning on having one last budget meeting on May 27^th to confirm the commercial sector and the adjustments that we have made with the agreement with Municipal Affairs.