Budget 2025

Five-Year Financial Plan Adopted

On March 25, Council adopted the Five-Year Financial Plan (2025-2029), Bylaw No. 2527, 2025.

Each year City Council and City Staff work together to develop an annual budget and five-year financial plan to guide where tax dollars, funding, and resources are allocated during the coming year. The City’s budget is guided by Council's strategic priorities, the need to maintain and replace our infrastructure and assets, continuing to offer essential services, and priorities expressed by the community.

The 2025 Budget Process started in fall 2024 with Council endorsement of a set of guidelines, and has included a series of Special Budget Meetings in late January and through February to present the draft operating and capital budgets to Council for their consideration.

At the February 25, 2025 Regular Council Meeting, Council directed staff to prepare a draft 2025 General Fund Operating Budget to include a property taxation revenue increase of 7.46%. The increase will fund the operating shortfall, as is required for municipalities, and also includes an additional 1% tax increase to increase contributions to reserves to fund the full amount recommended in the City's Asset Management Investment Plan.

The details of the proposed budget for 2025 are outlined in the 2025 Budget at a Glance.

There have been opportunities to follow along with the discussion and provide input including at a Public Open House on February 19, and through an online feedback form open until February 23 (Closed - Thank you for your input.) The Feedback was presented to Council for their consideration, and summarized at the February 25 meeting.

At the Regular Meeting of Council on March 11, Council amended the Financial Plan Bylaw, removing the 2025 and 2027 Citizen Satisfaction Survey and approving the Citizen Satisfaction Survey to be included in 2028. The result is a $20,000 reduction in spending from reserves in 2025 and 2027, and a $20,000 increase in 2028. The Financial Plan, as amended, was given first and second readings and a Public Participation period was opened during the meeting, for in person and online engagement.

On March 18, Council considered third reading of the Five-Year Financial Plan Bylaw, and it was adopted by Council on March 25.