Budget 2020

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 infrastructure in a strategic and fiscally responsible manner and its commitment to long-term strategic financial stability.

Revenues


The City budgeted $43.5 million in revenues. The City is funding its operations by property taxes, service fees and charges.

In 2020 the municipal tax rates for all the property classes and the utility rates remained unchanged from 2019. The only changes to City's revenues would be from  the adjustments caused by the property valuation assessment changes. 

The City also plans to rely on grants from other governments and reserves to supplement capital investment projects. 

Expenditures


The 2020 expenditure budget totals $43.5 million, including $29.1 million in operating expenditures for essential services to City residents, such as public works and utility services, police, bylaw and fire protection services, transportation services, like local transit and airport, recreational and cultural services, development services to assist businesses. 
  
The City budgeted $1.4 million of debt servicing costs. For a number of years, the budget does not contain any long-term borrowing. This year the City is internally borrowing of from Water Utility and using City reserves to fund the ambitious capital investment program. 


Capital Investments


The City budgeted $14.4 million of capital investment, reflecting the Council’s commitment to the maintaining and improvement of the City streets and infrastructure. 

In 2020 the capital budget includes $8.6 million of capital investments in general fund projects, for such purposes as pavement rehabilitation (11th and 12th, Midnight, Moon and Slater streets to be paved), finalizing the Highway 97 / Toop Road reconstruction, equipment purchases, facilities upgrades, etc.
          
The investment plan also includes $0.7 million in sewer system projects, $3.1 million in water system projects and $2.0 million in airport projects. A list of capital projects is attached to this release.

2020 Budget Documents