Supporting and improving the quality of life for everyone in the Regional Municipality of Wood Buffalo depends on the efficient and reliable delivery of programs, services and capital projects. The budget is the foundation for this work and determines how we pay for these vital services and investments into the region.
Budget dollars are at work every day, supporting the services the community relies on. The roads and public transit system that people depend on to get around; police, bylaw and fire services that people depend on for their safety; the parks and waste management services that contribute to clean and healthy living; the social and leisure activities that help make the region a vibrant, inclusive, and rewarding place to live and visit.
Budget 2023 Highlights
Read more about the 2023 Budget in the news release below.
Budget Basics
Developing the budget involves making decisions and prioritizing between essential programs, infrastructure demands, and the wants and needs of all stakeholders. It is the responsibility of the Mayor and Council to lead Administration through this process and to make those difficult decisions on behalf of taxpayers. The Municipality’s budget cycle follows the calendar year: January 1 through December 31.
Councils 2022-2025 Strategic Plan outlines five programs that that are closely connected to the budget planning process. These programs help the RMWB and Council to make decisions and allocate critical financial resources that are aligned with the following :
- Fiscal Management
- Building Partnerships
- Rural and Indigenous Communities and Relationships
- Local Economy
- Downtown Visualization
| About the Budget |
|
Annually, Mayor and Council approve a one-year operating budget and a two-year financial plan, as well as a multi-year capital budget and capital plan. While a one-year budget is for daily operations and current development, longer term plans help for addressing larger needs over a longer period. Budget dollars come from several different revenue sources, such as property taxes and grants from other levels of government. They also come from sales of goods and services provided by the Municipality like utilities, water and fees at the landfill. The RMWB is required by provincial law to balance its operating and capital budgets each year – which means that the money spent must be equal to the money raised. To balance the budget, the RMWB can either increase its revenues using tools such as property taxes and fees, or through managing expenses by changing or reducing the cost of services. Operating BudgetThe Operating Budget covers the daily or monthly expenses that keep the community functioning: everything from curbside collection and road maintenance to public transit and water. With the Municipality being one of the largest in Canada by geographical size, the majority of budget dollars are used to deliver a wide range of services, many of which are available 24 hours a day, 7 days a week. Capital BudgetThis portion of the budget is put towards bigger investments like buildings, equipment, roads, underground systems and other important infrastructure. This includes maintaining, rehabilitating and improving existing infrastructure and equipment. |
| Budget Terms and Meanings |
Operating BudgetThe operating budget balances the revenues and expenditures needed to deliver the services, programs and projects that community members rely on. Examples of these programs and services are:
Capital BudgetThe capital budget is for the things the Municipality builds, and for all fixed assets, such as equipment and lifecycle upgrades to assets. It also pays for building and maintaining infrastructure. Examples are:
Budget Surpluses and DeficitsA surplus occurs when the RMWB either spends less than it thought it would or raises more revenue than predicted. |
Related
| Past budgets |