For Immediate Release / December 18, 2023
Council Approves 2024 Budget
At the December 19, 2023, Council meeting, the City’s 2024-26 Financial Plan and 2024 Budget were approved, following the budget deliberation process. This includes the 2024 municipal and utility operating and capital budgets.
The approved 2024 Budget includes a property tax increase of $226 per year (5.5 per cent) on an average household worth $500,000. The average utility rate will increase $12.30 per month (8.5 per cent from the prior year). The budget highlights are as follows:
Municipal Budget – The approved net municipal tax requirement of $134.1 million results in an increase of $226 per year ($18.83 per month) or 5.5 per cent for an average house valued at $500,000. For 2024, the municipal capital investment plan includes:
- 25 municipal capital charters focusing on repairing, maintaining, or replacing existing infrastructure; and,
- 19 capital charters that address growth.
Utility Budget – Utility rates for 2024 were approved with an increase of $12.30 per month resulting in an average monthly bill of $156.54 or 8.5 per cent higher than in 2023. For 2024, the utility capital plan investment includes:
- 13 utility capital projects focusing on repairing, maintaining, or replacing existing utility infrastructure; and,
- One capital charter that addresses community growth.
The approved 2024 budget focuses on maintaining the delivery of the valued programs and services to the community while responding to the city’s growth. It emphasizes the need to invest in the future by enabling non-residential development, diversifying revenue, and increasing connectivity throughout the city, to include growth areas. It also focuses on enhancing efficiency by integrating digital technology and building capacity for key service areas and advancing Council’s priority Economic Prosperity to support and enable non-residential development with a focus on the Lakeview Business District.
“This budget is a reflection of our goal to maintain the services and service levels that our residents expect and rely on from their tax dollars in our community,” says Mayor Cathy Heron. “Council and Administration worked hard to balance overall community needs with rising costs and residents’ feedback on the budget, and I thank everyone for their efforts in keeping this budget on track.”
The actual tax rate will not be finalized until May 2024 after the assessment roll is completed. For more information on the approved 2024-26 financial plan and 2024 budget, visit the City’s 2024 Budget page.
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Last edited: December 19, 2023