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8 Friday, November 19, 2021brooklintowncrier.com Positive Economic Outlook The year began with a strong economic rebound. Even though Spring's Q2 activity fell short of forecasts, it's expected that the Q3 numbers will indicate a continued direction to economic recovery. According to the Statistics Canada flash estimate, Gross Domestic Product rose 0.7% in August. September's Retail Sales numbers showed that, even with a slight dip in early summer, sales are on the rise and are well above pre-pandemic levels. Some economists suggest the spending pause in early summer may be due to broader re-openings that shifted consumer activity toward "service" businesses like restaurants and gyms. After the largest economic contraction since 1945 (a dip economists estimate to be approximately 5.5% of GDP), the combination of supply chain disruptions, and protracted re-opening plans in some provinces means that the economic recovery is slower. The 2021 forecast is estimated to be between 4% and 5% GDP growth. At this point, it looks as if overall GDP recovery to pre-pandemic activity levels will wait until next year. On the bright side, forecasters anticipate that both the U.S. Federal Reserve and the Bank of Canada will maintain their low Policy Interest Rates until at least the last quarter of 2022. If the economic growth trend continues on the current path, both Central Banks are expected to begin a hike to Key Interest Rates. By 2024, the outlook is that the BofC Key Rate could reach 1.75% (up from the current 0.25%) and the U.S. Fed Benchmark Rate could eventually reach 2.0%. For an update on the market and how it effects the value of your home when you sell ! Call us at 905 409 6730 Call or Text 905.409.6730 for Details! As first time home buyers, Eleanor and Maurice made the process a seamless experience. They were quick to answer calls, emails and book showings at a number of properties of interest. They were very knowledgeable about housing in the Durham Region and provided excellent guidance during the negotiation process. It's an extremely competitive market and we are thrilled to have "won the war" on purchasing our first home. Would highly recommend working with them - thank you, both! - Deanna M Coming Soon with Spring Closing Meticulously maintained executive home on premium lot! Backing onto conservation land. Ground floor master bedroom! Cathedral ceiling in family room! Separate Dining/Living Room. Finished Basement. Walking distance to great schools, parks and amenities. Call or Text 905 409 6730 for Details. Exceptional Value! Net Zero homes produces as much energy as it consumes using advanced construction methods, materials and superior heating/cooling equipment PRECONSTRUCTION Coming Soon with Spring Closing Open concept kitchen overlooking family room! 3 bedroom Brooklin bungalow! 9 ft ceilings! French doors lead to separate Living/Dining Room. Unspoiled basement! Loads of curb appeal! Mature trees! Easy access to public transit, 407/412/401! Call or Text 905 409 6730 for Details. The Budget Target Budget time is here so, as council's chair of finance, I want to ensure residents have all the information they need. On November 15, Town finance staff presented their budget target to Council for review and debate and to set the target budget percentage. From June 3 to July 30, the Town engaged nearly 2,000 people in Phase One of the budget process. Feedback was collected through the Connect Whitby site (https:// connectwhitby.ca/budget) and the Citizen Budget Tool, a budget simulator that encouraged residents to share their budget priorities and create their own ideal budget. Early engagement Staff also moved this year's community engagement earlier in the process to provide residents with multiple opportunities to share their priorities and inform them about each budget milestone, including the Budget Target being presented to Council. Town staff reported they were looking at a 3.5% tax increase. They stated that Whitby residents want to see more invested in local job creation, more green spaces and the continued revitalization of the community's downtowns. This was shown in the 2022 Budget engagement. They looked at the inflation impact to the town and services as well as the massive amount of growth that is coming to Whitby. Whitby and Brooklin are expected to grow by more than 35% in the next 10 years from approximately 140,000 residents to 190,000. This brought our finance staff to their recommendation of 3.5% as a budget target Best target rate Council had a lengthy debate about the numbers and the totals and what would be best as a target rate. This year's target came on the heels of last year's low budget of 1.61% which worked out to an overall impact of 0.55% on your tax bill. As well, last year there were no new staff hires which are needed to handle the growth. Also the pressures of Covid were quite heavy and town staff worked hard to make sure they found ways to still get the budget to a 0.55% overall impact on your tax bill, even with those added costs. However, a repeat of that low budget just wasn't possible with the growth and inflationary pressures on the town. Council wants to make sure we're providing the necessary services and infrastructure residents need. We recognize Covid has been tough for everyone and not everyone is back on their feet. We made a unanimous decision to set a new budget target of 2.00%. Council felt this will allow us to make sure key services are provided while also recognizing that times are still very tough for people, made even more difficult with Covid. By asking for this lower Budget Target number, we can make sure we are being financially responsible with the tax dollars. It works out to an overall impact of 0.7% on your property tax bill. For the average assessed home in Whitby, this will work out to about $3.23/month or $39/year increase. Note that this is also not final as it's only the budget target. Council and residents will still have an opportunity for more input when the final budget with all its details comes back in the new year for debate and vote. Here are the budget dates and time frames: January 24, 2022 - Proposed Budget Available Online at www. connectwhitby.ca/budget. January 24 - February 9, 2022 - Virtual 2022 Budget Forum February 7, 2022 - Public Meet- ing, Budget 2022 February 17, 2022 - Special Coun- cil Meeting - Budget 2022 Residents are encouraged to par- ticipate in the budget process. For more information, visit www.con- nectwhitby.ca/budget North Ward by Steve Lee "Proud to be a Brooklinite" Founded in 2000 and published 24 times per year. Editor, Richard Bercuson 613-769-8629 • editorofbtc@gmail.com The Brooklin Town Crier is locally owned and operated and is a publication of Appletree Graphic Design Inc. We accept advertising in good faith but do not endorse advertisers nor advertisements. All editorial submissions are subject to editing. For advertising information, Email: mulcahy42@rogers.com Next Issue: Friday, December 3, 2021 Deadline: Friday, November 26, 2021 Publications dates subject to change during COVID-19 Pandemic Brampton By Pass: NO TOLL 412-418: Tolls Still there