Finance & Treasury

Finance & Treasury

Annually, the municipality is responsible for determining the expenses associated with delivering services to its residents through the formulation of an annual budget. The budget is a comprehensive compilation of projected income and expenditures that acts as a strategic tool for the Council and Staff to facilitate the provision of services in a manner that is both effective and efficient. The difference between budgeted revenues and expenditures is balanced by tax dollars. The budget process determines the annual tax rate for the municipality.

Property taxes are calculated by multiplying your annual assessed value by the tax rates established from the Municipality, County of Hastings, and Province.

Amounts required by the County of Hastings and school boards are paid to them based on the amounts levied each year and the Municipality retains only the amount required to meet its financial needs in accordance with the annual budget.

Financial statements detail a municipality’s financial activity and balances for the fiscal period. Financial statements also detail a municipality’s financial status in terms of assets and liabilities, net financial resources (referred to as net debt), accumulated surplus or deficit, and tangible capital assets and other non-financial assets. Financial statements show the outcomes of activities that generate money and incur expenses in order to determine if the municipality ran a surplus or a deficit for that period. Financial statements also provide a meaningful account of the municipal economic resources’ sources, allocation, and consumption, how the period’s operations affected the municipality’s net debt, how municipal activities were financed, and how cash requirements were satisfied.

The topic of sustainability continues to receive the attention and emphasis of Limerick Township. Limerick Township’s Council is aware that in order for the community to continue to exist in a sustainable manner, they require a strategy for the management of their assets and infrastructure. To assist the council and the staff in making decisions regarding which projects should be prioritized for which years, an asset management plan has been prepared.