2019 Budget and Annual Financial Reports
The 2019 Capital Budget of $121 million was adopted by City Council in November 2018. It was developed within a framework of The City's 10 year capital plan. With this long term plan, some projects are deferred and others are funded over a longer term.
The capital budget indicates the funds needed for the first year of the 10-year capital forecast period. It is how we pay for major projects such as reconstructing streets; building and improving public facilities such as recreation facilities, community centres, parks and fire halls; dealing with growth pressures such as new streets; and new initiatives. These costs are similar to adding an addition to your home this year.
City Council approved a $369.8 million operating budget on January 16, 2019, with a 2.15 per cent tax increase. The increase is made up of 1.15 per cent for operating costs, and 1.0 per cent for capital investment for amenities and growth.
The 2019 municipal tax rates will be set in the spring of 2019. That municipal tax rate will then be combined with the provincial education tax rate and the requisition for the Piper Creek Foundation to help determine how much property tax residents will pay. An assessed property value is multiplied by the property tax rates to determine a property owner’s tax bill that is mailed in May.
The operating budget shows the day-to-day costs of delivering programs and services for the next year. These costs are similar to your everyday household expenses such as mortgage payments, utilities or groceries.
Visit our Budget and Annual Financial Reports page for general information on the budget and processes.