Each year, Town Council approves an annual budget, made up of operating and capital. The operating budget is broken down into two parts: general levy and water and wastewater.
The operating budget provides the necessary resources to deliver programs and services to meet the needs of the community, and accommodates for inflationary pressures. The operating budget is primarily funded with tax dollars and income from fees and service charges. Operating budget is used to plan for the municipality’s day-to-day expenditures, such as wages, materials & supplies, utilities, maintenance of buildings and repayment of debt for major projects to deliver those necessary programs and services.
The capital budget and forecast is a comprehensive, 10-year financial plan that identifies the capital requirements of growth and maintaining existing infrastructure. The capital budget is funded through property taxes, town reserves, development charges, debt, Federal Gas Tax and grants. The capital budget is used to either build or rehabilitate assets that will last for more than one year.
The financing source primarily for the capital budget is provided for by reserves and reserve funds. The reserves and reserve funds receive annual contributions from the operating budget to assist with creating a solid financial position to support the town’s future cash requirements. Maintaining sufficient balances in reserves and reserve funds is a critical component of a municipality’s long-term financial plan as it strengthens its long-term financial sustainability, helps to minimize fluctuations in the tax rate and provides funding to sustain infrastructure.
OTHER FINANCIAL RESOURCES
Asset Management Plan
Tax FAQ's - Assessment Information