The 2025 Annual Budget Update has been adopted. On November 21 and 22, Budget Committee met and deliberated further amendments to the City’s budgets. Minutes of the November 21, 2024 Budget Committee are posted here, and minutes of the November 22, 2024 Budget Committee are posted here.
On November 27, Council approved actions taken by the Budget Committee and on the same day, the Mayor decided that veto power will not be taken. Budget documents are currently being updated to reflect approved amendments and will be published soon. To review the Mayor's Tabled Budget for Council's Consideration released on October 28, 2024, click here.
What is an Annual Budget Update? Why is it necessary?
What is an annual budget update to the multi-year budget?
An important element of the Multi-Year Budget is the annual budget update process. It is required under the Municipal Act, 2001.
The City must readopt the budget that year, and each subsequent year, for which the multi-year budget applies.
Annual budget updates provides the City the opportunity to change the budget for special circumstances that require funding and resource adjustments. This can be done by one of three types of budget amendments:
New or Changed Regulation: A new or changed legislation or regulation with a financial impact to the municipality
New Council Direction: A new Council direction that has transpired after the approval of the multi-year budget
Cost or Revenue Driver: A corporate or service area budget shortfall as a result of changes in economic conditions