The budget represents the vision of the municipality. It is a balanced and sustainable financial plan to deliver municipal services efficiently at approved levels, while also planning for the needs of the future.
The budget identifies the resources required to deliver services, while the tax policy identifies how the budget requirement is raised.
Our fiscal year is from January 1 to December 31.
Our municipal budget is actually made up of three budgets:
- Operating Budget covers the costs associated with the operation of the municipality, e.g. garbage collection and disposal, social benefits, maintenance, vehicles, salaries, equipment, etc. Council approves the operating budget through a series of Budget Committee meetings at the beginning of each fiscal year.
- Capital Budget covers the capital projects undertaken by the municipality each year, e.g. major asset reconstruction like roads, sewers or new asset development. The five-year plan is reviewed and presented to Council in a separate report, with approval recommended for the current year projects only.
- Lifecycle Budget covers the annual rehabilitation and renewal of municipal assets and currently does not provide funding requirements for replacement. Further detail is available under the Asset Management Policy. Each category of asset covered under the Asset Management Plan presents a prioritized and recommended annual plan for the utilization of the budget in a separate report to Council after the budget process.
Read the full Budget Policy here.