Budget 2021

The City Council adopts annual budget, Five-Year Financial Plan and the Tax Rate Bylaw before May 15 each year.
 
The City budget and financial plan reflects Council’s commitment to the improvement of City infrastructure in a strategic and fiscally responsible manner and its commitment to long-term strategic financial stability.

Revenues


The City budgeted $52.8 million in revenues. The City is funding its operations by property taxes, service fees and charges.

In 2021 the municipal tax rates for all the property classes and the utility rates remained unchanged from 2020. The only changes to City's revenues would be from  the adjustments caused by the property valuation assessment changes. 

The City also plans to rely on grants from other governments and reserves to supplement capital investment projects. 

Expenditures


The 2021 expenditure budget totals $52.8 million, including $27.5 million in operating expenditures for essential services to City residents, such as public works and utility services, police, bylaw and fire protection services, transportation services, like local transit and airport, recreational and cultural services, development services to assist businesses. 
  
The City budgeted $1.2 million of debt servicing costs and is committed to continued debt reduction.   
 


Capital Investments


The City budgeted unprecedented $25.3 million of capital investment, reflecting the Council’s commitment to the maintaining and improvement of the City streets and infrastructure. 

In 2021 the capital budget includes $8.9 million of capital investments in general fund projects, for such purposes as pavement rehabilitation (Lakeview Avenue to be reconstructed), equipment purchases, facilities upgrades, etc.
          
The investment plan also includes $9.2 million in sewer system projects, including significant cost of River Valley recovery projects, $5.5 million in water system projects and $1.7 million in airport projects. A list of capital projects is attached to this release.

2021 Budget Documents