Budget, Finance and Taxes
Each year the Municipality is responsible for determining the costs of providing services to residents in the form of a budget. The budget contains estimated revenues and expenditures for the Municipality for a given year. The budget serves as a guide for Council and Staff to ensure they are providing services in an effective and efficient manner.
The Finance Department ensures accountability through budgeting, accounting and reporting on the municipal financial transactions.
The Consolidated Financial Statements are the responsibility of the Municipality's management. The Council of the Township of Cavan Monaghan appointed BDO Canada Ltd LLP Chartered Accountants to audit the financial statements.
Annual property taxes are calculated by multiplying the current value assessment of your property by the Municipality's current tax rate.
The Municipal Property Assessment Corporation (MPAC) determines the assessed value of all properties in the Province of Ontario. As the Municipality is not able to answer specific questions regarding your property assessment, you may contact the Municipal Property Assessment Corporation (MPAC ) for additional information.
The tax rate includes three tax levy components:
Asset Management Plan
This Asset Management Plan (AMP) for the Township of Cavan Monaghan meets all requirements as outlined within the provincial "Building Together Guide for Municipal Asset Management Plans." It will serve as a strategic, tactical, and financial document, ensuring the management of the municipal infrastructure follows sound asset management practices and principles, while optimizing available resources and establishing desired levels of service. The performance of a community's infrastructure provides the foundation for its economic development, competitiveness, prosperity, reputation, and the overall quality of life for its residents. Reliable and well maintained infrastructure assets are essential for the delivery of critical core services for the citizens of a municipality.