Here is the revised summary of the city council meeting:

High-Level Summary:

The city council meeting, presided over by Mr. T, focused on fiscal matters related to property taxes, featuring key participants like Desire Kennedy, CFO, and Jeff Walker, Manager of Revenue and Taxation. Councillors Ridge, Shave, and Stephen actively engaged in discussions relating to property tax ratios, with Councillor Amos absent.

Important Topics Discussed:

1. 2025 Tax Ratios Report: Jeff Walker presented a report recommending the maintenance of 2024 property class tax ratios for 2025, due to postponed provincial reassessments. "Total taxation revenue is established as part of the operating budget estimates and does not change as a result of adjusting tax ratios," he explained.

2. New Multi-Residential Subclass: Councillor Ridge inquired about the impact of a new tax ratio for multi-residential properties. Jeff Walker clarified that this subclass, designed to encourage development, entails a lower tax rate compared to standard residential rates. CFO Kennedy noted potential financial implications: "This would cost the other tax classes would basically go up."

3. Small Business Property Subclass: Discussion on the small business property subclass revealed challenges in defining eligible properties, hindering its adoption. Jeff Walker highlighted difficulties in aiding specific properties due to "variability and data limitations."

4. Impact of Potential Reassessment by MPAC: Concerns were raised about future assessments by the Municipal Property Assessment Corporation (MPAC), which could change property values and tax burdens. Council is cautious of significant impacts, though Ontario has postponed reassessment plans indefinitely.

5. Financial Policies and Legislative Requirements: Desire Kennedy emphasized aligning financial policies with legislative requirements to stabilize tax ratios and avoid abrupt fiscal burdens on residents. Changes, like those in multi-residential tax classes, must balance fiscal responsibility and compliance.

Opportunities for Public Input:

No specific public consultation opportunities were announced during the meeting. However, community feedback may be sought as issues like tax ratios and subclass definitions are further developed.

Motions and Outcomes:

• Approval of the Agenda: Approved.
• Approval of Previous Meeting Minutes (File No. 20251): Approved.
• 2025 Tax Ratios Report: Presented without a specific motion for approval or rejection, implying further deliberation; topic to be revisited.
• Motion for Adjournment: Passed.

Follow-up Actions:

The council is to continue monitoring provincial tax policy developments affecting future deliberations on property taxes.

Councillors Present:

• Mr. T (Chair)
• Desire Kennedy (CFO and City Treasurer)
• Jeff Walker (Manager of Revenue and Taxation)
• Councillor Ridge
• Councillor Shave
• Councillor Stephen

Councillor Amos was absent.