Investing in Elgin

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Elgin County's budget is guided by Council's strategic priorities as set out in the Strategic Plan. The County's fiscal year is from January 1 to December 31. Municipal budget decisions set the funding for important infrastructure, programs, services, and facilities that serve Elgin County residents and ensure a high quality of life.

Elgin County residents do not pay taxes directly to the County. Instead, the County tax levy is added to the tax bill in each area Municipality and then transferred to the County from the Municipality of West Elgin, Municipality of Dutton Dunwich, Township of Southwold, Municipality of Central Elgin, Township of Malahide, Town of Aylmer, and the Municipality of Bayham. The County's annual budget is then financed by these tax levies as well as senior government funding, reserve funding, and other fees collected.

By taking a long-term 10-year approach to developing the budget, Council strives to proactively plan for challenges facing our residents while identifying opportunities to ensure Elgin is a place where people want to live, work and play.

Understanding municipal budgets can be a daunting task. Watch the video below to learn more about how the Elgin County Budget works:

Additionally, the Municipal Property Assessment Corporation (MPAC) also created an excellent overview of the municipal budget process and how MPAC assesses your property. This video can be accessed at the following link: https://youtu.be/nrWry5i3TBU.

Elgin County's budget is guided by Council's strategic priorities as set out in the Strategic Plan. The County's fiscal year is from January 1 to December 31. Municipal budget decisions set the funding for important infrastructure, programs, services, and facilities that serve Elgin County residents and ensure a high quality of life.

Elgin County residents do not pay taxes directly to the County. Instead, the County tax levy is added to the tax bill in each area Municipality and then transferred to the County from the Municipality of West Elgin, Municipality of Dutton Dunwich, Township of Southwold, Municipality of Central Elgin, Township of Malahide, Town of Aylmer, and the Municipality of Bayham. The County's annual budget is then financed by these tax levies as well as senior government funding, reserve funding, and other fees collected.

By taking a long-term 10-year approach to developing the budget, Council strives to proactively plan for challenges facing our residents while identifying opportunities to ensure Elgin is a place where people want to live, work and play.

Understanding municipal budgets can be a daunting task. Watch the video below to learn more about how the Elgin County Budget works:

Additionally, the Municipal Property Assessment Corporation (MPAC) also created an excellent overview of the municipal budget process and how MPAC assesses your property. This video can be accessed at the following link: https://youtu.be/nrWry5i3TBU.

Budget Glossary

Amortization
The process of gradually writing off the initial cost of an asset.


Asset(s) 
Property owned by the County, regarded as having value.  


Assessment Value 
A property's value as determined by the Municipal Property Assessment Corporation (MPAC).


Capital Assets 
Property, facilities/structures, and equipment (i.e. land, buildings, and machinery).  


Capital Budget 
The annual plan for the purchase and financing of Capital Assets. 


Capital Fund 
The portion of a capital project that has been paid for by borrowing money, either through a loan or drawing from the County’s own reserve funds. 


Financial Forecasting 
An estimate of future financial outcomes for the County generally based on historical performance and data.  


Infrastructure 
Includes a wide range of assets such as: roads, bridges, corporate facilities, among others.  


Levy 
Represents the total amount of funds an upper-tier government may collect on a tax rate.  


Market Value 
A value used by lenders, buyers and sellers to estimate the appropriate selling price of a property given current market conditions. 


Median Assessed Home Value 
The value where half of the homes are assessed higher, and half are assessed lower. 


Operating Budget 
Revenue and expenses that support the day-to-day operations of Elgin County's services.  


Reserves 
Funds set aside for future expenditures.  


Taxation 
Taxation is the amount of revenue raised as tax. 


Tax Increase 
View the Municipal Property Assessment Corporation's (MPAC) Understanding your Assessment video to understand the relationship between property values and the effect of increased rates: https://youtu.be/nrWry5i3TBU. 


Tax Ratios 
Tax ratios distribute tax burden between classes relative to the residential class tax ratio which is equal to "one (1)".  


Work In Progress (WIP) 
A project that has yet to be completed.  

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Page last updated: 28 Mar 2024, 01:26 PM