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Budgets and Forecasts

Budgets

The annual budget consists of two components:

Operating Budget 

  • This budget covers the day-to-day expenditures to deliver municipal services and revenues
  • Expenditures for services include recreation and programming, fire protection, library services and culture and maintenance of facilities, roads, water/waste water and parks and includes wages/benefits and administration
  • Revenues are collected from user fees, building permits, development charges, interest and taxes

Capital Budget

  • This budget covers one-time expenditures for municipal capital projects. It includes both new assets and maintenance/rehabilitation of existing assets

  • The capital budget encompasses infrastructure such as roads, bridges, water and waste water as well as parks, playgrounds, vehicles and facilities

Funding for capital projects comes from a wide range of sources with the most common listed below:

  • development charges
  • reserve and reserve funds
  • debentures
  • grants

Budget Process

  • The budget process draws information from historical data and direction from a wide range of sources such as various studies and plans, as previously approved by Council, and require hundreds of staff hours to complete.
  • The budget is developed based on existing services levels, adjusted for growth, legislated requirements and inflationary factors.
  • The objective is to be fiscally responsible in managing to Town assets and operations while continuing to provide service excellence and community engagement.

Key Dates for Budget

  • July - August - planning begins for next year's budget
  • September - deadline for submission of operating and capital budgets
  • October - November - budget meetings, CAO and Director of Finance review with reporting department
  • December - draft budget released to Council and circulated for comment
  • January - special meeting of Budget and Audit committee for final budget deliberation