Budget 2022 – Moving Our Community Forward
Council has adjusted the 2022 Capital and Operating Budgets. The Final Budgets were passed at Tuesday’s Council Meeting and use a 5.22% tax increase. This is up 0.32% from the Interim Budget in December.
The total Operating expenditures are $24,817,662, and total taxation to be generated is $11,996,736.
About 2.60% of that increase is to offset the COVID recovery plan, which included a taxation decrease in the 2020 emergency budget. This change will reduce the 5-6 year COVID recovery plan to 2 years. It also decreases the total amount of reserves required to offset taxes, improving the Town’s financial position and ability to respond to future challenges and new priorities.
Council and Administration recognize the immense pressures being felt by the public at this time and have worked hard to balance the need to keep costs to a minimum with the challenges faced by all departments with external pressures. Inflationary pressures make up a large portion of the taxation increase, with about 2% going to increased electricity costs alone.
Council has also approved the 2022 Revised Capital Budget. The budget includes a few carry-over projects from 2021, as well as Vision Park diamond and playground upgrades, Glenwood Park upgrades, and a number of other large projects highlighted below.
- $20,000,000 in grant funding towards the Multi Use Facility
- $2,200,000 towards the Infrastructure Rehabilitation Program
- $2,038,000 for work around Wase Creek
- $100,000 for highway crossing lights
- $415,000 for Civic Centre Boiler/LED lighting - $350,000 covered by grants
The total Capital Budget amounts to $32,166,192, funded 21.3% from reserves, 0.5% from cost-sharing, and 78.2% from grants.