Proposed 2019-2024 Budget and Business Plan
Canmore is an exceptional community in which to live and work - with a full spectrum of services provided to residents and visitors alike. However, we are not a small town anymore and we need to enhance our ability to serve our community effectively today, while at the same time, prepare for the future and long-term sustainable growth.
Administration has prepared detailed operating and capital budgets for 2019 and 2020. This is part of the four-year operating plan, and a six-year capital plan. The 2019 Proposed Operating Budget envisions a 4.9% net new tax increase, while the 2020 Proposed Operating Budget is 4.6%.
The Town has reached the limit of its current administrative model, and some of what is in this budget reflects a need to scale our model to more accurately reflect the true cost of delivering services to the community. In the past, tax increases were kept artificially low by using revenues from growth and development, combined with organizational cutbacks, and not increasing resources to accommodate the growth and increased demands of the community.
Even in order to accomplish a 4.9% budget increase in 2019, a number of belt-tightening initiatives would need to be undertaken, and a number of priorities were not included after applying financial and workload lenses.
The proposed budget mostly consists of the costs to provide existing services. The cost of doing business has increased. Legislated changes, such as safety and training require additional resources to implement. Proper maintenance of assets, replacement of items at the end of their lifecycle, and inflationary adjustments have all contributed to increased costs.
Outside of the status quo, administration has budgeted for new debt servicing, minor program additions, and some new priority staffing to address organizational capacity needed to address ongoing challenges, achieve our strategic priorities, and provide essential services to the citizens of Canmore.
The operating budget is financed by a variety of sources including property taxes, grants, user fees and development cost charges. The operating budget includes all revenue and expenditures for the municipality. The capital budget is financed by various reserves, property taxes, grants and debt.
Town Council created a four year (2019-2022 inclusive) strategic plan that identifies the vision, goals, and strategic priorities for the Town of Canmore. This plan continues to be reflected in the 2019/2020 budgets and identifies how the six strategic priorities of Council will be implemented.
Information on the 2019-2020 proposed budget can be found in the Finance Committee agenda packages here:
pdf 2018 11 08 Finance Committee Agenda (30.87 MB) (operating budget highlights and background)
pdf 2018 11 13 Finance Committee Agenda (93.52 MB) (capital budget)
pdf 2018 11 22 Finance Committee Agenda (106.65 MB) (detail by department)
On Dec. 18, Council will review the budget recommended by the Finance Committee. The public can attend attend that meeting, or watch the meeting online. Details can be found at Council Agendas, Minutes, and Videos
Download the complete Budget and Business Plan below:
LONG TERM FINANCIAL STRATEGY
On August 22, 2017 the Town’s Finance Committee adopted a Long Term Financial Strategy, a document that analyzes the Town’s present capital asset funding financial position and develops strategies and actions to address the calculated funding gap that exists between what is contained in Town planning documents and current financial resources. The Long term Financial Strategy provides guidance for preparing future capital project budgets.
Each year the Town of Canmore financial statements are audited and filed with the Province per legislative requirements. Both consolidated and unconsolidated statements are available below.
Consolidated: Statements include the financial information for board operated entities wholly funded by the Town of Canmore (i.e. Canmore Public Library and Canmore Community Housing Corporation (CCHC)).
Non-Consolidated: Include Town of Canmore finances without board operated entities wholly funded by the Town of Canmore.