All sorts of families call Burlington home. Small families, big families, single-parent families, or families with two mothers or two fathers. But they all live under a roof, and they all share the benefits of living in what we think is Ontario's finest city. Today, we're going to talk about this family. The Hammonds. Andy's a financial advisor.
And Ling runs her own talent agency. The Hammonds have three kids, a dog, a cat, a rabbit, and a fine old home. And like many typical older homes, it has typical older home issues. The roof needs work. So does these trough, the driveway, and the electrical. Yikes! Then there's the kids. Hockey equipment, new bikes, and lessons.
Did we mention they have three kids? So the Hammonds have to bring home the bacon. Well, not literally. Manage their finances, plan for the future, keep their old place from getting older, and all the while get the best value for their money. At the City of Burlington, we feel their pain. And we have the same challenges and priorities.
And like the Hammonds, we think we've got a pretty good handle on them all. We call them our strategic financial objectives. Let's break them down. One. Competitive property taxes. The Hammonds have to make sure they have enough money coming in from Andy and Ling's salaries to meet expenses and have enough for some savings.
The City has to make sure we collect property taxes, which is our major source of income. 61% to be exact. And you'll be pleased to know taxes in Burlington are below the average for homes like the Hammonds across the GTA. And we have to keep those taxes competitive while keeping up programs and services that get more expensive every year.
2. Responsible debt management. The Hammonds have to keep an eye on their mortgage payments, manage their credit cards, and household bills. That way they don't dig themselves into a financial hole. Well, not literally. The City has to be prudent about responsible debt management, too. We don't want to borrow too much or pay too much for the money we do need.
3. Improve reserves and reserve funds. The Hammonds need to save for a rainy day. Okay, not literally. Three kids, braces, well, you get the picture. The City also has to be prepared for things we can't control: recession, increased snow removal costs, extensive weather damage. So, we need to make sure we have the resources to be able to respond to emergencies.
That's just smart. 4. Predictable infrastructure investment. Remember the Hammonds' house? And the eaves trough that needed work? The Hammonds love their place and want to keep it humming along for years to come. The City's a lot like a beautiful house. The sewers need to be repaired before things get out of hand, sidewalks replaced, and roadways need constant repair.
We have a plan for when to do that and what it will cost. And it's smart for us to make those repairs because we all get the most out of the investments we've already made. 5. Recognize value for services. In Andy's and Ling's business lives, they deliver services, financial advice, and talent. They let their customers know exactly what those services cost, what those customers will get for their money, and track how effectively their businesses are operating when they do their jobs.
That's smart. The City does the same thing. And we have to make sure we can afford to deliver the services citizens like the Hammonds expect. We're so serious about it that by 2015, we'll be moving to what we call service-based budgeting. Each service will have a business plan and we'll be tracking annual performance measures like citizen satisfaction and costs.
Well, what does it all mean? Like the Hammonds, we want our family, that's you, to feel good about the future. So we plan, save, and spend wisely. We take that responsibility of managing your money seriously. It's a priority for us. You, and the Hammonds, shouldn't expect less. Thanks for your trust. We'll guard your future.
