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 long-term financial stability of the City and to the improvement of City infrastructure in a strategic and fiscally responsible manner.
The City budgeted $45.9 million in revenues. The City is funding its operations by property taxes, service fees and charges.
In 2023 the municipal tax rate for all property class was reduced by 4%. Even after tax rate reduction, the City's revenues would be benefiting 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.
The 2023 expenditure budget totals $45.9 million, including $27.8 million in operating expenditures for municipal 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 $0.9 million of debt servicing costs and is committed to continued debt reduction.
The City budgeted $15.8 million of capital investment, reflecting the Council’s commitment to the maintaining and improvement of the City streets and infrastructure.
In 2023 the capital budget includes $7.9 million of capital investments in general fund projects, for such purposes as pavement rehabilitation, equipment purchases, facilities upgrades, etc.
The investment plan also includes $3.2 million in sewer system projects, including significant cost to complete River Valley recovery projects, $2.8 million in water system projects and $1.9 million in airport projects. A list of capital projects is attached to this release.