At the Regular Meeting of Council held Monday, December 7, 2020, Turner Valley Council approved the multiyear 2021 and 2022 Operating Budgets as well as the 2021 and 2022 Capital Budgets.
For the fourth and fifth years in a row, Council will not increase operating expenses.
The 2021 Operating Budget was approved in the amount of $5,685,211. This is a decrease of $14,419 or 0.26% from the 2020 Operating Budget.
The 2022 Operating Budget was approved in the amount of $5,673,806, which represents a decrease of $11,415 or 0.20% in expenditures as compared to the 2021 Budget.
The 2021 Capital Budget is comprised of $4,441,000 in capital project expenditures, with the largest project being the Sunset Blvd. Sanitary/Storm/ Water replacement at $4,286,000.
This project will be funded as follows: Alberta Transportation: $500,000 (contribution); Debenture: $ 700,000; Grant: $1,786,000; Reserves: $1,300,000; Total Project costs: $4,286,000.
Offsite levies will be utilized to offset the draw on reserves. Along with the application of offsite levies, a local improvement plan will be developed and applied when project costs are finalized.
The 2021 capital equipment budget is comprised of $70,000 in capital equipment expenditures. Most of these equipment purchases are quite small in magnitude.
The 2022 Capital Budget is comprised of $225,000 of capital project expenditures, with the largest projects being $100,000 for Parks and Recreation Planning and $80,000 for an Okalta Turnaround. The 2022 capital equipment expenditures include $25,000 for a Diesel Capture System (three year project)
The budget represents the financial resources needed to support Council’s key strategic priorities and to provide core services. It is focused on creating efficiencies and streamlining operations in order to maintain service standards in all areas.
Additionally, municipal partners will see continued financial support. These include the Sheep River Library, the Sheep River Regional Utility Corporation, Westend Regional Sewage Services Commission and the Foothills Regional Emergency Commission.
Council sets the property tax bylaw in the spring, at which time other factors such as the school and seniors requisitions will be known, as well as the final property assessments, all of which have an impact on property taxes. No increase in taxes is anticipated based on the budgets passed.
Approval of the 2021 budget prior to the new year allows Council and administration to move forward with priority initiatives.
