• As of Sept. 30, Stouffville’s 2024 tax-supported operating budget reported a $749,900 surplus.
  • Year-end projections indicate a $159,800 deficit primarily due to lower-than-expected development activity.
  • Stouffville spent $7.2 million of its $65.3 million 2024 capital budget by the end of September.
  • However, an additional $7.439 million was deployed for contract awards in Q3.

 

As of Sept. 30, Stouffville’s 2024 tax-supported operating budget was in a $749,900 surplus position. However, year-end forecasts predict a deficit of $159,800 primarily due to lower-than-expected development activity affecting several municipal departments.

These departments include Development Services, Engineering and Public Works, and Building Services, all of which have seen reduced revenues from fewer development applications, reviews, inspections, building permits, and water meter sales. This trend is likely to continue through the fourth quarter, as no large-scale development applications are expected to come forward by year-end.

Lower-than-forecast Development Charges, a key revenue source used for growth-related capital projects, have also resulted. Stouffville anticipated $16.373 million in Development Charges revenue for 2024, but only $3.49 million had been realized by the end of September.

The original forecast projected 578 new residential units and 271,060 square feet of new non-residential floor area for 2024. By the end of the third quarter, 186 housing units and 81,135 square feet of non-residential development were completed. By year-end, the Town expects approximately 200 residential units and just over 200,000 square feet of non-residential development.

While Stouffville continues to advance its Strategic Plan, only $7.2 million of the Town’s $65.3 million 2024 capital budget was deployed through Q3. Of that total amount, $25.4 million has been allocated to current-year projects, while the remainder was carried forward from prior years.

The Town’s Procurement Services division awarded 21 contracts in the third quarter, totaling just under $7.439 million. Major contracts include the $5.375 million Edward Street Reconstruction project, more than $1 million for school crossing guard services, and new vehicles for the Water and Wastewater and Fire and Emergency Services divisions.

Other financial pressures include higher-than-expected salaries and benefits, partly due to the need for additional part-time employees to support parks projects, Town facility usage, and programming. Over-budget payments to the Region for water and wastewater services have also been identified, with Staff investigating the discrepancies.

Additional costs noted in the Staff report include fees associated with an undisclosed settlement agreement, as well as expenses related to organizational restructuring and the implementation of Stouffville’s Administrative Monetary Penalty System (AMPS) program.