Section 165 of the Community Charter requires municipalities to prepare a Financial Plan for a period of five years, which is adopted annually by Bylaw. The Charter also requires Council to undertake a process of public consultation regarding the proposed financial plan before it is adopted.
Budget Framework Principles
- Ensure service levels in all operations and facilities are cost effective and meeting expectations of residents and visitors.
- Complete priority projects identified by Council and department Directors.
- Identify sufficient contingency to respond to unforeseen expenditures.
- Adjust capital expenditures to maintain current service levels.
- Maintain property tax policy of increases to cost of living as directed by current financial plan objectives and policy.
- Utilization of COVID Restart Grant to assist with shortfall in revenues due to COVID.
- Link the Town's financial plan to other planning processes such as strategic, land-use, asset management and business planning.
- To stimulate long-term thinking - to allow decision makers to examine and consider the long-range financial implications of current day decisions.
- To stimulate 'big-picture' thinking - to enable the Town to step back and think more strategically and holistically about the Town's financial position and requirements.
- To create dialogue - to create an avenue for dialogue about the Town's future with all stakeholders, i.e. Town Council, management, the public, other impacted organizations, etc.
- To create transparency and understanding - to make the public and taxpayers fully aware of the Town's financial outlook including its related challenges and constraints.
- To strategically take advantage of grant opportunities to acquire, replace and renew capital infrastructure.
Please click on the links below to view the Operating and 5 Year Capital Plans.