Budget 2024 introduced to town council
By John Watson Local Journalism Initiative Reporter
During the July 12 meeting of the Committee of the Whole, Strathmore administration presented to council members an introduction to the upcoming 2024 municipal budget.
As explained by town Chief Administrative Officer, Kevin Scoble, multi-year capital and operating budgets contribute to the predictability that council desires.
“Sequenced improvements coming in future years include identification of the utility surplus that requires further discussion in future year’s budget on how to treat it, utilization of services and service levels inventory, approved by council from which administration builds future budgets,” he said. “The asset management program that we have talked about before. The development of it will help establish the forecast reserve requirements consistent with the reserve policy presented before the Committee of the Whole.”
The budget introduction was presented to the committee by Leana Ashbacher, senior manager of financial services.
During the presentation, background for the budget introduction included general information to budgeting, policy for consideration during budget, comparators, consumer price index, a discussion regarding growth, the financial plan process, as well as capital and operating plans and considerations.
According to Section 242 of the municipal government act (MGA), a council must adopt an operating budget each calendar year, or may adopt an interim operating budget for the part of a calendar year.
Section 243, Subsection 3 of the MGA defines the estimated revenue and transfers under Subsection 2 must be at least sufficient to pay the estimated expenditures and transfers of Subsection 1.
A municipality is also required to maintain a balanced budget. If this is failed to be achieved, the town may be subject to the province stepping in to assert authority and provide aid. Further details regarding the MGA are available for public reading.
“What we do is we bring a proposed budget for (council) to adopt so the minister does not step in and tell us how we are going to run things for our community,” said Ashbacher. “Within the 2024 budget, we will be working with our budget owners to develop a four-year operating financial plan for 2024 to 2027. The 2024 year upon council’s resolution becomes the operating budget. 2025 to 2027 will be accepted for information.”
She added when the town moves into the capital financial plan, information and estimates will be provided from consideration of 2024 up to 2033. Council will adopt the 2024 capital budget through resolution.
2025 through 2033 will be forecasting balances (and) projects for council, and administration will bring forward what anticipated reserve balances will be for the town, as well as a proposed estimation of what grants the town will likely be able to acquire.
More information regarding the budget discussion is available for public viewing via the July 12 Committee of the Whole meeting video, in Part 2 of the posted recording.