2023 Municipal Budget

The 2023 Budget Draft has been posted for Council review and consideration.

The Municipal Act, 2001 requires municipalities to prepare and adopt a budget including estimates of all sums required during the year for the purposes of the municipality. Municipalities must adopt a balanced budget.

A municipal budget is a policy and planning document that outlines the municipality's priorities, and is a balancing act between often competing priorities. The budget serves many purposes for the municipality, including a financial framework within which municipal departments conduct operations and plan capital projects. The budget is also an accountability tool that provides for controls on spending by tracking variances between budgets and actual spending.

The 2023 Budget has been developed with a commitment to ensuring the municipality can continue to maintain existing levels of service to the community while minimizing the impact of tax increases on residents and businesses.

The 2023 Budget structure includes:

• The Operating Budget which provides the necessary resources to deliver programs, services and facilitates services to meet the needs of the growing community, and accommodates for inflationary pressures. The Operating Budget is funded primarily through property taxes and user fees.
• The Capital Budget which provides for the infrastructure requirements of the municipality as identified in the Municipality of Central Elgin Asset Management Plan. The Capital Budget is funded through property taxes, user fees, reserves, development charges, debt and grants.

The presentation and consideration of a two (2) year operating budget and a five (5) year capital budget allows Council to be aware of, and proactive towards, future financial commitments and to be able to strategically financially plan for the procurement, maintenance and/or offering of various services. The 2023 budget is for approval and adoption while the 2024 budget is presented for business continuity purposes and will be revisited in 2023.

Please note that all reserves and reserve fund balances are estimates and subject to change with final year-end adjustments. 2022 actuals are as of September 30, 2022. Further, future capital projects are subject to change and evolve based on the needs of the Municipality and directions of Council.