2023/24 Budget Direction
The Budget Direction, formerly known as the Fiscal Framework, is presented annually to Regional Council with recommendations for tax and non-tax revenues to accommodate changing operational costs, capital investments, as well as debt and reserve changes. It is also reflective of on-going and emerging opportunities and challenges.
The Budget Direction sets the underlying assumptions that each business unit will build their proposed operating and capital budget on.
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What is the annual Budget Direction report (formerly known as Fiscal Framework)?
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The 2023/24 Budget Direction report was presented to Budget Committee on Friday, November 25, 2022.
The Budget Direction, formerly known as the Fiscal Framework, is presented annually to Regional Council with recommendations for tax and non-tax revenues to accommodate changing operational costs, capital investments, as well as debt and reserve changes. It is also reflective of on-going and emerging opportunities and challenges.
The Budget Direction sets the underlying assumptions that each business unit will build their proposed Operating and Capital Budget on.
- Did the Budget Committee accept the 2023/24 Budget Direction report on November 25, 2022?
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As outlined in the November 25, 2022, 2023/24 Budget Direction report, the Budget Committee directed the Chief Administrative Officer (CAO) to develop the 2023/24 Budget according to Regional Council's approved priorities, and preliminary fiscal direction.
This includes a 4.0 per cent increase to the average residential and commercial property tax bill, by preparing proposals for reductions to the operating budget and only use one-time expenses to offset costs in the current fiscal year if matched with an operating budget reduction in subsequent years.
Additionally, the CAO has been directed to:
- rescind the direction from the 2022/23 fiscal Budget to include $7 million in the 2023/24 Budget to fund a sidewalk program from capital from operating (meaning funding of capital projects from taxes);
- reallocate $20 million included in the Strategic Initiative Operating Reserve in 2019 as a potential capital contribution for the construction of a community stadium, to the following reserves:
- transfer $5 million to the Options Reserve for the Solid Waste Facility capital project;
- transfer $15 million to the Capital Fund Reserve to fund overcommitments within the capital fund reserve; and,
- approve a revised debt policy of $1,500 per dwellings and amend capital from operating to be $72.922 million for the 2023/24 Budget.
On November 25, 2022, Budget committee requested that staff come back in January 2023 with proposals on how the municipality can proceed with a 4.0 per cent increase to the average tax bill
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What is the 2023 Budget Direction, Assessment, and Revenue Update report, that was presented on January 25, 2023?
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The 2023 Budget Direction, Assessment, and Revenue Update, presented on January 25, 2023, provided an update on the Budget Direction, based on Budget Committee’s November 25, 2022, direction for proposals to achieve a 4.0 per cent increase. An update on Tax Revenues and the PVSC Assessment information, and how it relates to the municipality’s property taxes, was also provided.
All business units have spent several months identifying areas where reductions could be implemented, while recognizing the need to provide services to a growing municipality. Staff have identified close to 100 reductions to be made while creating the initial the 2023/24 Budget Direction report. Close to 40 of these reductions were straightforward and have been built into the budget. The remaining nearly 60 reductions are being put forward for Regional Council consideration.
Over the coming weeks, as each business units presents its budget and business plan, the Budget Committee will have the opportunity to do review each of the proposed reductions.