Financial sustainability – sustaining growth, strengthening Strathmore

By Mayor Pat Fule Town of Strathmore

In tough economic times, making smart financial choices is essential – in households, businesses, and at every level of government. Inflation is driving up costs, oil and gas revenues are projected to decline, and looming U.S. tariffs continue to threaten economic stability. Strathmore residents are adjusting, stretching their budgets further, and making careful decisions about where every dollar goes. 

Last week, the provincial government released Budget 2025, reflecting the realities of a shifting economy – prioritizing spending restraint while managing rising costs. As Alberta takes a measured approach, local governments must do the same, balancing financial prudence with the needs of a growing community. Inflation has made it more expensive to maintain roads, operate facilities, and deliver services. In response, council has worked hard to find efficiencies in the operating budget, ensuring your tax dollars go further. Because of this careful planning, the town’s 2025 budget includes a decrease in overall operating costs. 

Alongside these cost-cutting measures, council has prioritized long-term financial sustainability through responsible spending, effective debt management, and long-term investments that provide real value for residents and businesses alike. This year, council will introduce a Long-Term Financial Plan to help manage the town’s money responsibly and make sure today’s spending benefits Strathmore’s future. At the same time, work is underway on a debt policy to ensure borrowing is done wisely and supports important projects. For example, the portion of the town’s yearly revenue used to pay off debt went down from 7.3 per cent in 2023 to 6.6 per cent in 2024. Over time, lowering this number means more money can go toward maintaining roads, recreation facilities, and essential community services instead of paying off debt. 

Just like any family sitting around the kitchen table balancing their budget, council and administration must make thoughtful decisions about where resources go. Financial responsibility means stability – it keeps tax rates predictable, ensures essential services run smoothly, and allows us to make long-term investments. At the end of the day, it’s about keeping life in Strathmore affordable so families can put down roots, businesses can grow, and we can all continue to enjoy the community we’re proud to call home.

Council is confident in our approach – making strategic financial decisions today that will keep Strathmore on solid footing, ensure continued investment in the services residents rely on, and create new growth opportunities. By prioritizing financial sustainability, we are not just balancing budgets – we are strengthening our ability to adapt, invest, and thrive, ensuring Strathmore remains a great place to live, work, and do business, no matter the economic climate.

(At the beginning of each term, council sets the course for the future by adopting a Strategic Plan – a guiding blueprint that charts priorities and directs resources. This plan outlines six key strategic priorities that influence decision-making throughout the term. In the coming weeks, Mayor Pat Fule will provide insights into each of Strathmore’s strategic priorities, reflecting on both achievements and challenges along the way.)