Friday, June 30, 2023

City Council moves forward on plan to shift timeline of Budget prep for 2024 and beyond

The 2023 budget has just reached the finish line, with your property tax bill due July 4th and as of Monday, the City has made a shift for future Budget planning which will see an earlier start for 2024.

The details were released in a Report from Corinne Bomben, the City's Chief Financial Officer that was part of the Council Consent Agenda on Monday night.  

The document noting how the new timelines for Budget creation will enable Council to pass the Five Year Financial plan bylaw as close to the start of the fiscal year as possible.

The shift in the timelines on Budget prepaation is something a number of other communities across the province have done, including as the report notes, the City of Terrace.

In past years the City Budget was usually approved by mid May. 

The new process which will start immediately will see Council receive a draft Budget in September, with the public consultation period to take place in October, Council would then adopt the Five year plan in December.

The main focus for the change is outlined in the Report from Ms. Bombem below:

Changing the timing of the budget process will enable the City and the community to gain certainty of operational service costs for the calendar year earlier than has occurred historically as well as provides for greater opportunities for success in achieving Council’s strategic goals.

Towards the change, the call for Community Grant applications was recently moved up, with the application period as we noted earlier this week, now set to close in August.

Council members had no comments to make towards the report, which was accepted as part of their Consent Agenda approval process.

The Full Report for Council that outlines further details towards the change to the Budget Process timelines can be reviewed below:

click on panels above to enlarge

You can explore the City's Financial themes on past Budget preparation from our archive page here.

More notes from Monday's Council session can be reviewed here.

Other themes from City Council can be explored through our archive page.

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