Budgets and Forecasts

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Budgets

The annual budget consists of two components:

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

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:

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.

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