Title
11:30 a.m. Appointment - 2026 Final Budget Approval
Proposed Motions
1. That Council approve the 2026 Operating Program Budget containing $29,250,179 in revenues; $108,477,479 in expenditures; a municipal tax requirement of $79,227,300.
2. That Council approve the 2026 Operating Project Budget containing $9,722,891 in revenues; $10,536,891 in expenditures; a municipal tax requirement of $814,000.
3. That Council approve the 2026 Capital Budget containing $67,990,914 in revenues; $72,005,914 in expenditures; a municipal tax requirement of $4,015,000.
4. That Council approve the 2026 Statement of Operations and 2026 Statement of Change in Net Financial Assets as presented.
Body
Administration Recommendation
Administration supports the proposed motions.
Purpose
To approve amendments to the 2026 Approved Budget.
Summary
Each spring, Administration revisits the Budget Approved in the fall of the previous year. This includes incorporating carry forward projects and 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 2026 budget are related to carry forwards approved by Council on February 24th, today's presentation will be centered around the adjustments that fall outside of what Council has already approved.
Administration is seeking Council's approval on the proposed budget changes. The 2026 Final Budget is presented based on three categories of spending:
1. Operating Program Budget - which gives Administration the resources necessary to deliver programs and services to residents.
2. Operating Project Budget - which allocates resources to one-time operating projects that vary from year to year depending on established organizational priorities.
3. Capital Project Budget - which allows for the allocation of resources to major maintenance, reconstruction, and new capital infrastructure that supports the delivery of programs and services.
Attachment 1 is today's presentation which includes all of the proposed adjustments made by Administration.
Attachment 2 is the proposed 2026 Municipal Budget by Type Report which includes the Operating Program, Operating Projects and Capital Budget.
Attachment 3 is the proposed 2026 Statement of Operations which is prepared in accordance with Public Sector Accounting Standards.
Attachment 4 is the proposed 2026 Capital Budget by Infrastructure Class.
Attachment 5 is the proposed 2026 Statement of Change in Net Financial Assets.
Approval of the Municipal Budget will result in a residential municipal tax rate increase of 0.80%. The impact to a residential property assessed at $500,000 is approximately $1.50/month. The actual impact differs for each property based on the combined effects of changes to assessment, inflation, growth, and split tax ratio. The tax impact above does not include the Education and Seniors Foundation property tax requisitions, which are set by the Province and Seniors Foundation respectively.
Historical Information:
N/A
Strategic Plan/Policy/Legal/Staff Implications:
N/A
Financial Impact:
Cost: Capital and Operating budget tax levy is set at $84,056,300.
Source of Funding: Municipal tax levy