- Download 2
- File Size 305.98 KB
- File Count 1
- Create Date 13 Jun
- Last Updated 13 Jun
2017 Operating Budget
Council passed their Operating Budget in May of 2017 to satisfy section 155(1) of The Municipalities Act which requires:
"155(1) A council shall adopt an operating and capital budget for each financial year.
(2) No council shall authorize a tax levy in accordance with section 283 with respect to a financial year unless it has adopted the operating and capital budget
for that year."
The act further sets out the contents of budget as
"156(1) The operating budget of a municipality is required to include the estimated amount of each of the following expenditures and transfers by the council for a financial year:
- (a) the amount needed to provide for the operations of the municipality;
- (b) the amount needed to pay all debt obligations with respect to borrowings by the municipality;
- (c) the amount needed to meet the sums that the municipality is required, by statute, to raise by levying taxes or other amounts that the municipality is required to pay;
- (d) the amount to be transferred to reserves;
- (e) the amount to be transferred to capital;
- (f) the amount of any operating deficit incurred in the previous financial year;
- (g) the amount needed to acquire, construct, remove or improve capital property.
(2) A council’s operating budget is required to include the estimated amount of revenues from each of its sources of revenue and transfers.
(3) The estimated revenues and transfers described in subsection (2) must be at least sufficient to pay the estimated expenditures and transfers described in
In regards to Capital works plans, Section 157 of The Municipalities Act states:
"157(1) A council may prepare and adopt a capital works plan for a period of not less than five years, including the current year, showing the estimated capital cost of
and the proposed sources of financing for each capital work for each year of the plan.
(2) On the request of the minister, the council shall forward to the minister a copy of any capital works plan the municipality has prepared."