• Council received a report on Stouffville’s unaudited 2023 financial results at their meeting on Wednesday, April 24.
  • The Town’s $67,867,400 operating program saw over-budget spending; however, a $644,600 surplus resulted thanks to higher-than-expected revenues.
  • The 2023 capital program deployed 34.8%, or $22,215,700, of its $64.2 million budget.
  • $120,300,090 in 2023 property taxes were collected, with $8,367,624 still due.
  • Nearly $4.6 million in outstanding 2022 and prior property taxes have been collected since May 1, 2023, though a total of $17,072,675 from 775 accounts is still owed.
  • An annual audit will be completed before 2023’s final financial results are provided to Council in June.


Stouffville’s 2023 operating expenditures exceeded their total budget by just under $1.5 million. While receipt of user fees for Town services was $950,000 below expectations, greater-than-expected revenues included high collections on overdue tax accounts and nearly $1.9 million in investment income.

2023 personnel costs were greater than the Town had hoped, making up $1 million of Stouffville’s overspending on the year. This is attributed to non-budgeted part-time salaries and salary continuances for concluding employment contracts. In their report, Staff noted the need for further assessment and right-sizing of Stouffville’s staffing requirements in correlation with available revenues.

Stouffville’s 2023 capital program was given a $64.2 million budget and included $33 million in carried-over projects from previous years. As of December 31, 2023, $22.2 million had been spent. A total of 94 capital projects were completed throughout the year and were delivered under budget by a total of $1,778,209.

While spending to date is a meaningful metric for assessing progress, Staff also highlighted the multi-year nature of many ongoing capital projects. A table has been provided itemizing progress within Stouffville’s Strategic Plan for further context. Staff have also offered a list of all carried-forward projects and their remaining budget.

Development Charges revenue, which is collected from builders to fund growth-related capital work, totalled just $1.567 million of an expected $14.12 million. This was due to changes in Provincial legislation and housing market fluctuations, which also led to reduced user fee revenue within the Town’s Development Services department. While adjustments were made in the 2024 budget to address impacts, Staff noted that capital projects dependent on Development Charges could face delays until money is available.

The 2023 Water and Wastewater Operations program saw a $571,800 negative variance due to unexpected Regional water expenses and an increase in water loss within the Town’s distribution system. While Bullet Point News is currently investigating this further, Staff plan on reviewing aging infrastructure and putting forward related recommendations to address the issue.

Stouffville is required to keep a minimum of $4.7 million in its tax stabilization reserve, which can be utilized to offset unexpected costs. However, the Town has its own target of $9.4 million—amounting to two months of operating costs. With a current projected balance of $8 million, Staff have proposed moving the $644,600 surplus into the reserve.

*This article has been updated to reflect Staff changes to the report