Overview and Introduction

The 2023 Capital Plan balances investing in our infrastructure and managing our current assets with meeting the needs of our growing community.

Capital projects enhance and improve the lives of everyone in the City. Under the direction of Council, this multi-year Capital Plan includes projects that have been reviewed and evaluated to provide the most benefit to the community, making the best use of all funding sources to get the best value.

This budget book places special emphasis on asset management, highlighting how we can get the most from our current assets and infrastructure, and ensure they are able to be supported and funded over the course of their lifespan. Asset mangement is essential to prudent financial planning and building long-term sustainable service levels for future generations of citizens.

The 2023 Capital Plan has a proposed budget of $15.7 million, with 71 per cent of that amount, or $11.1 million, allocated to maintenance and renewal of exisiting assets. The five-year program includes a further $44.5 million in funding from 2024 to 2027.

Our Commitment

“We will be a financially stable and responsible municipality, and will manage finances in a resilient and forward-thinking manner. We will address the infrastructure deficit by focusing on critical priorities first and approaching these issues one step at a time, with a view to long-term financial sustainability and prosperity.”

Assessment Growth

Assessment growth refers to property taxes from new and expanded homes and businesses to pay for the services they receive.

Terms and Definitions

Debt

Debt is funding the City has borrowed to complete capital projects. It helps spread the project costs over the asset’s lifespan, or be offset by future revenues.

Existing Capital Balances

Federal Gas Tax

Now known as the Canada Community Building Fund, this is annual federal funding for capital improvements.

Operating Budget

The Operating Budget funds the day-to-day expenses of the municipality to provide its programs and services. Examples of operating costs include salaries and wages for city employees, utility costs, and operating supplies, such as road salt.

Grants

Grants are sums of money given by a government or other organizations for a particular project.

Reserve/Reserve Funds

The City uses these funds to set aside funding now for a specific purpose in the future. The City maintains reserves for both operating purposes (e.g. rate stabilization reserve funds), capital purposes (e.g. fleet and equipment reserve funds) and as required by legislation (e.g. federal gas tax reserve fund).

Existing Capital Balances are capital funds that Council has already approved but have not been spent. Some projects take multiple years to complete, so the funding may accumulate for future spending. It may also be referred to as ‘Carried Over’.

Growth

Growth in terms of capital budget planning refers to the growth of the City’s residential population.

Tax Levy

The Tax Levy is the amount of funding required from property taxes. It equals all of the tax-supported gross expenditures minus all other revenues.