A planned itemized summary of money coming into the Town and how that money will be spent over a specified period of time.  

Did you know?

The Provincial Government legislates that money coming into a municipality must equal money going out?  This is also known as a balanced budget!

Operating budget:

Pays for all the day to day activities of the corporation;
Examples of operating expenses include, salaries and wages, insurance, supplies, fuel, and utilities to name a few.

Capital budget:

Pays for all new big investments or rehabilitation of assets currently under the Town’s control
Examples of capital expenses include, new fire trucks, new roads, and new sewers just to name a few

The majority of the municipal revenue is raised through property taxes, and legally the accounts cannot go into deficit.  Additional non-tax revenue sources come from facility and program fees, service fees, leases, licenses, permits and fines as well as grants, including a payment in lieu of taxes from the federal government. 

Assessment growth results from property taxes that are paid primarily as a result of an expanding Town (new homes and businesses).

These new taxes are paid to receive the same services that existing tax payers receive. Given that there are an increased number of homes and businesses requiring core municipal services, civic departments, boards and commissions have to provide an increased volume of core services.

A reserve fund is an amount set aside for a specific purpose by authority of a by-law (or as required by legislation) that is carried from year to year unless consumed or formally closed.