Title
2024 Final Budget
Proposed Motions
1. That Council approve $5,602,700 in Program Budget adjustments, resulting in a $1,300 decrease to the municipal tax levy compared to the budget approved at the November 28, 2023 Council meeting.
2. That Council approve $328,400 in Operating Project adjustments, resulting in no change to the municipal tax levy compared to the budget approved at the November 28, 2023 Council meeting.
3. That Council approve a reduction of $328,400 in Capital Project adjustments, resulting in no change to the municipal tax levy compared to the budget approved at the November 28, 2023 Council meeting.
4. That Council approve the Acheson Intersections project from the Emerging Capital program in the amount of $4,500,000 for 2025, funded by Restricted Surplus, to allow Administration to begin the procurement process ahead of the approval of the 2025 budget.
Body
Administration Recommendation
Administration supports the proposed motions.
Purpose
To approve amendments to the 2024 Approved Budget.
Summary
Each spring, Administration revisits the Approved Budget to allow departments to make critical refinements to the year's financial plan. This includes the incorporation of carry forward projects and various other budget adjustments to ensure appropriate allocation of the resources required to operationalize Council's Strategic Plan.
The majority of the adjustments made to the 2024 budget have been related to carry forwards for projects and program activities that remained in progress and unfinished at year end. Since carry forward projects and programs were approved by Council on February 27th, today's conversation will be centered around those adjustments that fall outside of what Council has already approved.
In past years, finalizing the Approved Budget has been a significant undertaking by Administration. Improved planning processes and the realization of administrative efficiencies have allowed for a more simplified approval route. This year, Administration will be seeking Council's approval on the proposed budget changes through an RFD in lieu of the standard Final Budget Presentation.
In addition to the approval of the Final Budget RFD, Administration is seeking approval on the Acheson Intersections project from the Emerging Capital Plan, currently in the queue for 2025. This will allow Administration to move forward with procurement activities in advance of 2025 budget approval to ensure the timely allocation of resources to the project.
The 2024 Final Budget is presented based on three categories of spending:
1. Operating Program Budget - this is also known as the base operating budget which gives Administration the resources necessary to deliver programs and services to residents. Adjustments to the Operating Program Budget have resulted in a small overall reduction to the municipal tax levy compared to the budget approved on November 28, 2023.
2. Operating Project Budget - this budget allocates resources to one-time operating projects that vary from year to year depending on established organizational priorities. There have been minimal adjustment to the 2024 Operating Project Budget, none of which will impact the previously proposed tax levy.
3. Capital Project Budget - this budget allows for the allocation of resources to repair, maintain, and replace existing capital infrastructure and to move forward priority projects or purchases that support the delivery of programs and services. Changes to the Capital Project Budget have also been minimal and will not result in an impact to the previously proposed tax levy.
Historical Information:
N/A
Strategic Plan/Policy/Legal/Staff Implications:
N/A
Financial Impact:
Cost: $(1,300)
Source of Funding: Municipal tax levy