Title
Final Parkland County 2023 Budget
Proposed Motions
1. That Council approve the 2023 Final Operating Program Budget which has no additional impact on the municipal tax levy as compared to the budget approved at the November 22, 2022 Council meeting.
2. That Council approve the 2023 Final Operating Project Budget which has no additional impact on the municipal tax levy as compared to the budget approved at the November 22, 2022 Council meeting.
3. That Council approve the 2023 Final Capital Budget which has no additional impact on the municipal tax levy as compared to the budget approved at the November 22, 2022 Council meeting.
4. That Council approve the projects spanning more than one year in duration as presented in the 2023 Multi-Year Project Summary.
Body
Administration Recommendation
Administration supports the proposed motions.
Purpose
Each spring, administration finalizes the annual budget by incorporating carry forward projects and necessary adjustments to ensure the budget provides the financial resources required to achieve Council's Strategic Plan.
For the 2023 Final Budget, the majority of the addition relates to carry forward projects and programs. These are projects and programs approved by Council in prior years that remain incomplete at the end of the previous budget year. As carry forward projects were approved by Council on February 28, 2023, this presentation will focus on the 2023 proposed budget adjustments. The final budget, along with the finalized assessment values, establish the parameters for setting the tax rate bylaw for the year.
Summary
The budget is classified into three different categories as described below:
1. Operating Program Budget - This represents the budget for regular programs and services provided by the County. There are no tax impacts from operating program adjustments in the final budget changes. Budget changes to programs are shown in Attachment 2.
2. Operating Project Budget - This represents budget for one-time operating projects. There are no tax impacts from operating projects adjustments in the final budget. Changes to operating projects are shown in Attachment 2
3. Capital Budget - This represents budget for infrastructure and capital purchases. There are no tax impacts from capital projects adjustments in the final budget. Changes to capital projects are shown in Attachment 2 and Attachment 4.
Attachment 1 is the 2023 Final Budget Presentation.
Attachment 2 outlines the expenditures and funding for the 2023 Operating Program, Operating Project and Capital Budget.
Attachment 3 outlines the 2023 Statement of Operations which is prepared in accordance of the Public Sector Accounting Standards.
Attachment 4 outlines the 2023 Capital Budget by Infrastructure Class.
Attachment 5 provides a summary of projects spanning more than one year in duration.
The Final Budget maintains the 2.78% municipal tax increase approved in Council on November 22, 2022. This represents an increase of $4 per month in municipal property taxes for the median residential property, assuming no increase in property value. Individual tax impacts will vary based on the property value changes that occurred in 2022. These changes include market value adjustments and development on the property. For instance - a median home owner with a market increase of 4% may see a total tax increase of about $11 per month.
Financial Impacts
N/A