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Budget 2022-2025 - Year 3 Update (2024)

2024 Budget Approved

Council approved service level adjustments for year three and four of the 2022-2025 Budget that results in an Operating Budget of $76.708 million (2024) and $80.480 million (2025) respectively. These adjustments balance affordability with meaningful investments in strategic areas, such as community safety, emergency response and transit services.  

Read the media release

4 Year Budget

Council approved the first four-year budget at the December 13, 2021 regular meeting. Moving to a 4-year budget process provides flexibility and gives Council the ability to amend the budget as needed when significant and/or incremental changes are required. Years 2 through 4 of the budget focus only on major changes or impacts that need to be incorporated into that budget year.

Council approved service level adjustments for year three and four of the 2022-2025 Budget that results in an Operating Budget of $76.708 million (2024) and $80.480 million (2025) respectively. These adjustments balance affordability with meaningful investments in strategic areas, such as community safety, emergency response and transit services.  

Council approved a 4.6% property tax rate increase for 2024. The average household in Okotoks assessed at $551,000 will see an increase of $10.27 per month in property tax, this is an increase of $123.24 annually.  

Considerable investment was made in Okotoks Fire & Rescue to fund four firefighters to meet committed service response times and to respond to an increasing volume of medical calls. The budget also invested $694,000 in RCMP over the next two years; and $500,000 over the next two years to increase transit services. In addition to the four firefighters, 10 additional staff positions were approved to prepare for growth and delivery of core services and meet gaps in service levels.  

Council expressed the intention for an increase to franchise fees for natural gas customers pending Alberta Utilities Commission’s approval. It is an opportunity to increase revenue more equitably, as nearly all customers use utilities, but not all customers pay property taxes. With this change, the average utility customer could see an increase of about $6.82 per month or $81.81 per year.

Read the release     |   

Watch the Budget Meeting

There are three steps to determine how much a homeowner is going to pay in property taxes:

Diagram of house with numbers 1, 2 and 3

01 Budget

In year 3 of the four-year budget, Council is considering a potential budget adjustment. Once approved, this determines the total property tax revenue required for the new budget year.

Read on to learn more about the Budget process.

02 PROPERTY ASSESSMENT

The assessment process begins in July  of the preceding year. Property Assessment notices are mailed in January.

Learn more about Property Assessment

03 PROPERTY TAX RATE BYLAW

Property Tax Rates are established in the 2nd quarter of the year. The tax rate equals the total property tax revenue budgeted divided by the total assessment. Your share of property tax is then calculated by multiplying your yearly assessment (received in January) by this approved tax rate.

Learn more about Property Taxes

Your share of property taxes = Tax rate x Your assessment value

Try the Property Tax Estimator

The Town's new property tax estimator provides a simple breakdown of how a property owner’s municipal taxes are invested into specific services Okotokians value and use every day, such as fire, RCMP, recreation facilities, roads, parks, transit and more.

Property Tax Estimator

Franchise Fees

Community Engagement

Past Budgets

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