Budget 2017

The City Council adopts annual budget, Five-Year Financial Plan and the Tax Rate Bylaw before May 15 each year.
 
The City budget and financial plan reflects Council’s commitment to the improvement of City streets in a strategic and fiscally responsible manner and its commitment to long-term strategic financial management.

Expenditures


The 2017 budget totals $35.0 million, including operating costs of $22.2 million. The City budgeted the increase in operating costs of 1% to maintain the levels of services it delivers. This cost increase is below the projected rate of inflation for the year.

The City budgeted $1.7 million of debt servicing costs. For a number of years, the budget does not contain any long-term borrowing. The City is considering short-term borrowing of $0.3 million to fund the purchase of new public works equipment.

The City budgeted $10.5 million of capital investment costs, reflecting the Council’s commitment to the improvement of the City streets and infrastructure. Highlights from the capital budget include pavement rehabilitation of the following streets: 

        • 11th Avenue North – Coxon Street to Smedley Street 
        • Blair Street – Clarke Avenue to Western Avenue 
        • Proctor Street – 1st Avenue to East End 
        • 5th Avenue – Proctor Street to Carson Drive

There are also $4.1 million in sewer system projects and $0.7 million in water system projects. A list of capital projects are attached to this release.

Revenues


The City is funding its operations by property taxes, service fees and charges. It also receives grants from other governments and uses own reserves to supplement capital investment projects.

In 2017 the municipal tax rates for most of the property classes, other than Business and Recreational/Non Profit, remain unchanged from 2016. The tax rates for Business and Recreational/Non Profit property classes are increased by 2% from the amounts assessed in 2016. The tax rate changes would increase the total property tax revenues by $160,588.

There are no changes to the water and sewer utility rates.