Town Council reviews proposed 2024 budget
By John Watson Local Journalism Initiative Reporter
The Town of Strathmore, during the regular meeting of council on Nov. 14, held a department question and answer period between council, the town finance department, and the rest of the budget team.
The budget process for 2024 began with a community delegation night, hosted by council, Oct. 26 for local organizations to make requests for funding to council all at once, as opposed to throughout a given year.
Following this, proposed budget documentation was released to council and the public, Nov. 1. A week later, council hosted a community engagement session, being a “Coffee with Council,” regarding the budget to address public questions and concerns.
As it has been introduced to council, the 2024 budget currently suggests a 5.05 per cent increase in total taxes for residents and businesses.
In 2023, the total tax increases were 4.9 per cent for residents and businesses, respectively. For the town, the difference represents a net change of $988,000 of property taxes.
“Administration realizes that this is a difficult time for residents and businesses, as they have been challenged yet by another year of high inflation,” said Leana Aschbacher, senior manager of financial services. “We expect that the town, along with residents and businesses, will still continue to feel the impacts on the hikes and prices across the market in the next year, and possible the few years coming.”
The proposed budget for 2024, according to Aschbacher, is largely focused on reducing the town’s debt and building reserves, while maintaining existing programs and service levels.
Town administration has also written into the town budget an assumption that the town will be less able to benefit from government grants, such as the Municipal Sustainability Initiative (MSI) operating grant.
By operating under the assumption that grants such as the MSI will be unavailable to the town, as an organization it is easier to plan around and not be reliant on a successful application.
The 2024 budget has an operating impact of $37,367,600¬ before business cases and postponed motions are calculated. The 2024 capital budget has an operating impact of $7,014,000.
If the Education Requisition from the province is higher than is currently estimated, administration is recommending to lower the municipal tax increase and lower the transfer to reserves in order to offset the increase.
As it stands, the education levy is set at 1.6 per cent in the 2024 budget. This is based on past trends and factors in the limited growth seen in Strathmore compared to the rest of the province.
With the approval of the Rate Bylaw, utilities were increased by approximately four per cent on both the variable and fixed utility rates.
Administration will bring the 2024 final operating and capital budget for council adoption, Dec. 7. More information regarding the proposed budget as it has currently been presented is available through the council agenda for Nov. 14, as well as via the livestreamed council meeting posted to the town’s YouTube channel.