Financial highlights

FINANCIAL Highlights

Each year, the Town of Newmarket undertakes a detailed budget planning process to ensure we are meeting the needs of our community now and in the future. This includes valuable input from the community which helps guide the Strategic Priorities of Council and the annual budget. Newmarket continues to strive to keep the tax rate below the Greater Toronto and Hamilton Area (GTHA) average. Council and staff work closely together to continue to provide extraordinary programs and services to the community, while balancing fiscal responsibility and planning for a successful and sustainable future.

FISCAL STRATEGY HELPS ENSURE FUTURE SUSTAINABILITY

In line with a number of Newmarket’s core values, including accountability, accessibility, courage and creativity, the Town has proactively created a fiscal strategy to ensure a sustainable future for the community. This was presented to Council in September. Overall, in comparison to fellow Ontario municipalities, our financial position is good and we have identified some areas where we have more work to do.

ASSET MANAGEMENT AND PLANNING

The Town of Newmarket continues to take a responsible and sustainable approach to Asset Management. Newmarket has over two billion dollars worth of assets, including buildings, equipment, roads, vehicles, stormwater networks, machinery and much more. About 25 years ago, Newmarket created the Asset Replacement Fund (ARF) to prepare the Town for the inevitable replacement of water mains, pipes, vehicles, sidewalks, roads and more. The ARF will ensure that Newmarket can afford to replace and renew future capital assets. The Town invests millions of dollars each year into this fund.

In 2021, Newmarket finalized the Asset Management Plan (AMP) which aligns with our community vision of being Well Beyond the Ordinary and our mission to always make Newmarket even better. This strategic document ensures good planning and financial management and guides Newmarket’s processes to reflect accountable governance of its municipal infrastructure. The plan provides an understanding of current and future asset needs, conditions and costs, service levels, risks and future growth planning and funding. The AMP focuses on five core assets, including roads, bridges, water, wastewater and stormwater. This is a living document that will be reviewed and updated as the environment changes. This includes considering and incorporating standards, adding new data and updates that demonstrate continuous improvement, changing demographics and trends, provincial policy, and corporate documents and studies.