Budget 2022-2025 - Year 2 Update (2023)

2023 Budget Update

The 2023-2025 budget has been approved by Council. 

Read the media release

The 2023-2025 budget presented by Administration  on November 23 was approved by Council. The second year of the four-year budget (2022-2025) is positioned to address inflation and economic pressures, maintain the high-quality of municipal services, while advancing health and safety in Okotoks.

“Year-two of the 2022-2025 budget provides a short-term path to navigate economic challenges, it highlights the importance of long-term planning, the need to be realistic about reliance on our current revenue sources, while considering and developing alternate financial revenue streams,” said Mayor Tanya Thorn. “Providing service delivery in an environment where cost escalation is impacting everything, will be a key component of our financial health strategies moving forward.”

The four-year budget, approved in December 2021, anticipated a 2% tax rate increase for 2023. However, 2022 has proven to be a very difficult year to navigate. Administration has had to take into consideration unprecedented levels of inflation, price escalation for the goods and services we receive, and competitiveness in the employee marketplace. Additionally, there have been post COVID-19 revenue recovery issues, pressure from the Province of Alberta as they continue to download service responsibilities to municipalities and uncertainty of long-term grant opportunities.

The Town is focusing on being ready for growth and preparing for the 2025 delivery of the regional supplemental water solution. Administration worked to align funding requests with strategic and operational priorities to allow for continued service delivery for the community and the advancement of Council’s priorities. In doing so, a tax rate of 4.5% was reached; this means residents will see an increase of $9.38 per month or $112.56 per year.

“Through our commitment to optimizing the value of every dollar, we are able to advance Council’s strategic direction and improve the services that we have heard are important to residents while keeping our costs in line with population growth and inflation,” said Councillor Heemeryck, Chair of the Finance and Audit Committee. “We have undertaken a thoughtful analysis of many inputs, reviewed our resources collectively and distributed them to deliver the highest service value to the community.”   

To focus on Council’s commitment of advancing the health and safety of the community, the approved budget includes a funding increase to accommodate 23 RCMP officers in 2023, 24 officers in 2024 and 25 officers in 2025 as well as a permanent deputy fire chief due to the increase in size of the firefighting force. The budget also proposes an increase in the base budget to support affordable housing and transit.

In order to further support and align with Council’s strategic priorities, the 2023 budget recommends the addition of 9.5 Town positions which will be staggered to reduce implications for the tax rate.

More highlights of the approved budget include:

  • The budget is balanced, with overall revenues of $70.13M
  • Expenditures of $66.963M, long-term debt repayment of $1.80M and net transfers to/from reserves and capital funds of $1.37M
  • $0.48M new one-time operating expenditures for a total of $3.75M
  • $10.16M new capital projects for a total of $28.07M

tax receipt image

November 14  Regular Council Meeting

At the November 14 regular meeting, Administration presented the updated 2022-2025 Budget (Year Two/2023) for Council’s consideration. The four-year 2022-2025 Budget, approved in December 2022, anticipated a 2% residential tax rate increase for 2023. However, with 2022 being a difficult year to navigate, Administration had to take into consideration many challenging factors when determining an appropriate residential tax rate increase for 2023. 

“While the 2023-2025 budget provides a short-term path to navigate the challenges with many one-time adjustments, it highlights the importance of long-term planning, the need to be realistic about reliance on our current revenue sources and the need to consider and develop alternate financial revenue sources. Maintaining service delivery in an environment where cost escalation is impacting everything that we purchase will be a key component of our financial health strategies moving forward,” said CAO Elaine Vincent.

As part of the annual budget cycle, members of Council, the Finance and Audit Committee and the public were invited to attend the 2023-2025 Budget presentations on November 23, 2022 were the budget was approved.

Council Presentation 

2022-2025 Budget Story  - 2023 Update

Council approved the first four-year budget at the December 13, 2021 regular meeting, providing continued high-quality programs and service levels while addressing operational and inflationary pressure. This new flexible process includes ability to identify significant and incremental changes enabling Council to amend the budget as needed. The $66M operating budget represents an overall 2.5% increase in the property tax amount, with the average homeowner in Okotoks paying an approximate $58.95 increase per year or $4.91 a month in municipal taxes. Administration is currently working on Budget 2022-2025 - Year 2.

In years 2-4 of the budget, Administration will focus on any major changes or impacts that would need to be incorporated into that budget year. There is a placeholder of 300K per year allotment to support any evolving Council priorities on an annual basis. The check-in with Council will be happening throughout November to determine any changes requiring amendments to the budget guidelines, which would then be incorporated into the updated budget.

Budget receipt

Budget Media Release

Read the Budget Story: Understanding your municipal taxes

Find easy-to-understand budget highlights and changes that help show where the money is being allocated. Additionally, find out what a typical homeowner’s taxes per year are and how much goes to support specific services like fire, RCMP, recreation facilities, roads, parks, transit and more. It's all broken down in an easy-to-read ‘receipt’ that provides a snapshot of the Town’s programs and services you get for your tax dollars:

Budget Story

Budget Presentation

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

*The amount shown in this cash receipt does not include the requisitions, which are a separate item on your tax bill and not included above. Requisitions represent taxes collected on behalf of the province (for education), Okotoks Library and Westwinds Communities. 

Budget Final Deliberations and approval (December 13, 2021)

Council approved the first four-year budget at the December 13 regular meeting, providing continued high-quality programs and service levels while addressing operational and inflationary pressure.

Learn more

Budget Presentations (November 23 - 25, 2021)

Thank you for joining us online to learn more about the process for determining the Town’s 4-year budget. The budget discussions were live-streamed and recorded for future viewing.  *click on past meetings tab and then Budget Presentations

Watch the presentations

Budget Deliberations

The Governance and Priorities committee meeting was held on December 6 and the final Budget 2022-2025 deliberations were held on December 13, 2021. 

For meeting times and the links to review meeting minutes, live-streamed video and meeting highlights visit:

Budget Meetings

Budget Public Participation

Budget 2022-2025 What We Heard Report

Past Budgets

Franchise Fees