• Council received a mid-year status update on the Town’s operating expenditures, revenues, and capital spending during its September 25, 2024, meeting.
  • As of June 30, Stouffville had underspent its year-to-date 2024 operating budget by $603,000.
  • Through the first two quarters, only $4.2 million has been deployed from Stouffville’s $65.3 million capital budget.
  • Of that capital budget, $27.3 million represents unfinished projects carried over from previous years.
  • Development activity lagged through Q2, resulting in just $538,000 in collected Development Charges.
  • Fewer fees received through the processing of development applications also resulted, although Staff expect “modest growth” in the next two quarters.

 

“Most of the departments are currently tracking close to the budget, indicating that spending is being well controlled for the first six months of 2024,” Finance Services Staff noted in their report. Department expenses were around 50% of their annual budget, with slightly higher-than-expected revenues.

Similar results were observed in the rate-supported budgets for the Building Services, Water, Wastewater, and Cemetery divisions. The Whitchurch-Stouffville Public Library and Latcham Art Centre reported favourable budget variances due to stronger-than-expected program revenues.

Four key variances identified in the first two quarters of 2024 were highlighted. First, a smaller number of winter events led to reduced spending on maintenance services such as snow clearing. Second, the sale of 5982 Main Street boosted Sale of Property returns. Third, fees related to development applications fell short of expectations due to slow development activity.

Finally, the Town has made further progress in recouping overdue property taxes. At the start of 2024, $17.288 million in outstanding taxes from 2023 and prior years were owed. As of June 30, $4.775 million had been paid, and $62.879 million in 2024 taxes were collected out of the $68.893 million owed at the end of Q2.

While formal capital spending amounted to only $4.2 million, Staff noted that a further $6 million in procurements will see additional projects commencing later this year. Notable 2024 contract awards include $1.577 million for O’Brien Avenue Reconstruction, just under $1 million for preliminary Main Street Reconstruction work, nearly $700,000 for the rehabilitation of Bethesda Side Road, and roughly $250,000 for upgrades to Civic Square’s Clock Tower.

Through the Town’s Development Charges Background Study, Stouffville projected $16.373 million in 2024 payments. This was expected from the delivery of 578 residential units and 271,060 square feet of non-residential development. As of June 30, 10 new residential units and 47,983 square feet of non-residential development resulted in only $538,000 in Development Charges revenue.

Although the collection of Development Charges is lagging behind forecasts, Staff stated that “the new residential housing market is cyclical, and modest growth is expected for the remainder of 2024.” They anticipate over 200,000 square feet of non-residential development and approximately 200 residential units by year’s end.