Like any business or household, the needs and wants within a municipality are often greater than what the municipality and community can afford at one time. Each year as part of the budget process, choices must be made. Our budget looks to balance competing priorities and challenges with the ability to provide high quality services for all our customers.
The 5-Year Financial Plan provides detailed funding requirements over the next five years. The Financial Plan is used by Council and District staff to authorize and align spending with identified Council and community priorities that delivers valued services and programs.
Section 165 of the Community Charter directs that a municipality must have a financial plan that is adopted annually, by bylaw, on or before May 15th of the year in which it is to come into force and before the annual property tax bylaw is adopted. The planning period for the financial plan is 5 years, that period being the year in which the plan is to come into force and the following 4 years. The financial plan deliberation process which precedes the adoption of the financial plan and tax rates bylaws involves a series of public meetings and is the mechanism for determining the revenue requirements and resource allocations that ultimately informs the decision on the municipal tax rate.