Title
Parkland County 2024 Operating and Capital Budget
Proposed Motions
1. That Council approve the 2024 Operating Program Budget containing $26,422,800 in revenues; $96,888,400 in expenditures; a municipal tax requirement of $70,465,600.
2. That Council approve the 2024 Operating Project Budget containing $3,591,900 in revenues; $4,527,300 in expenditures; a municipal tax requirement of $935,400.
3. That Council approve the 2024 Capital Budget containing $52,113,400 in revenues; $54,259,600 in expenditures; a municipal tax requirement of $2,146,200.
4. That Council approve the projects spanning more than one year in duration as per the attached 2024 Multi-Year Project Summary.
5. That Council approve the 2024 Statement of Operations.
6. That Council approved projects not completed in 2023 year be added to the 2024 budget after the accounting close for the fiscal year.
7. That Council direct administration to present the 2024 Tax Rate Bylaw in April 2024.
Body
Administration Recommendation
Administration supports the proposed motions.
Purpose
Each calendar year, Council approves an operating budget to provide the required resources to deliver its desired programs and services to the community. Council also approves a capital budget annually to provide the required resources to maintain the existing infrastructure and to support capital initiatives. These budgets align with Council's priorities and goals.
Summary
On November 14th and 15th, the proposed 2024 Budget was presented to Council. This proposed budget was amended for the following Council requests:
1. Reduce Fleet Lifecycle Transfer - $175,000
2. Reduce Facilities Lifecycle Transfer - $75,000
3. Reduce Recreation Transfer - $100,000
Attachment 1 is the Municipal Budget by Type Report which includes the proposed 2024 Operating Program, Operating Projects and Capital Budget.
Attachment 2 is the 2024 Capital Budget by Infrastructure Class.
Attachment 3 is the listing of department project totals spanning more than one year in duration.
Attachment 4 is the Statement of Operations which is prepared in accordance with Public Sector Accounting Standards.
Approval of the Municipal Budget will result in a tax rate increase of 2.9%. A residential property, assessed at $500,000, would see an increase of approximately $5.25/month. For every $100,000 of their assessed value, a residential homeowner would pay an additional $12.60 annually. Their total municipal taxes on each $100,000 of assessment would be $443 in 2024.The tax increase differs for each property based on the combined effects of:
1. Inflation, assessment, growth, and changes to the split tax ratio
2. The tax impact above does not include the Education and Seniors
3. Foundation property tax requisitions
Strategic Plan/Policy/Legal/Staff Implications:
The Municipal Budget puts into operational practice the strategies established in the Strategic and Business Plans.
Each calendar year, Council is required to adopt an operating and a capital budget as outlined in sections 242, 243, 245 and 246 of the Municipal Government Act.
Financial Impact:
Capital and Operating budget tax levy is set at $73,547,200.