Financial Documents

The municipal budget is a financial plan that outlines the Town’s projected revenues and expenditures for the year. It ensures that essential services, infrastructure projects, and community programs are adequately funded while maintaining fiscal responsibility.

Under the Municipal Government Act (MGA) of Alberta, municipalities are required to adopt an operating budget and a capital budget each year. The operating budget covers day-to-day expenses such as salaries, utilities, and service delivery, while the capital budget funds long-term projects like road repairs and facility upgrades.

The budget is developed through a public consultation and council review process before being approved in a council meeting. Once adopted, the budget guides municipal spending and is used to determine property tax rates through the Mill Rate Bylaw.

See also:

• Budget Process and Timeline

As required under the Municipal Government Act (MGA) of Alberta, municipalities must prepare annual financial statements that are audited by an independent auditor. These audited financial statements provide a transparent and accurate summary of the municipality’s financial position, including revenues, expenditures, and financial obligations.

Once completed, the statements must be submitted to Alberta Municipal Affairs by May 1st each year and made available to the public. This ensures compliance with provincial regulations and maintains financial accountability to residents.

The mill rate is the tax rate municipalities use to calculate property taxes. It represents the amount per $1,000 of assessed property value that property owners must pay. Each year, municipal councils pass a Mill Rate Bylaw to establish the tax rates needed to generate sufficient revenue to fund municipal services, infrastructure, and other obligations.

Under the MGA, councils must approve the Mill Rate Bylaw after finalizing the annual budget. This bylaw sets out the municipal tax rates for residential, non-residential, and other property classes, as well as any applicable requisitions for education and seniors’ housing.

See also: Property Tax Information