The 2022 Annual Budget Update has been approved
The 2022 Annual Budget Update was approved by Council on December 21, 2021.
Follow the project for key dates, to receive updates, and register to join us for our final Public Information Session.
Timelines and key dates
This fall, the 2023 Annual Budget Update process will begin. Key dates and timelines will be posted this summer.
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Previous Annual Budget Updates
2021 Approved Annual Budget Update
The City's first Annual Budget Update to the 2020 to 2023 Multi-Year Budget was approved by Municipal Council on January 12, 2021. A combined Executive Summary of this annual update is provided in the following document:
Below you will also find the detailed approved Annual Budget Update documents for the property tax, water rate, and wastewater rate supported budgets.
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.
- Council must readopt the budget that year, and each subsequent year, for which the multi-year budget applies.
Annual budget updates provide Council 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
The annual update process starts in fall with the aim of being completed prior to the start of the upcoming year. For example, the annual update process that starts in 2021 is the 2022 Annual Budget Update and covers the 2022 and 2023 years remaining in the current Multi-Year Budget period.