Today, Council accepted amendments to the 2025 year of the Town’s approved 5-year (2022 – 2026) budget, ultimately delivering a total Operating Budget of $80.386 million for 2025, which focuses on relevance and doing what we heard was important to Okotoks’ residents and businesses.
The result of this budget amendment is that the 2025 property tax increase will be lower than originally forecasted. Additionally, with a decrease in utility rates, the average single-family homeowner in Okotoks (with a home assessment value of $663,000) will see a total increase of only $1.99 per month or $23.88 per year.
“Administration worked hard to find ways of maintaining the service levels that mattered most to our community, balancing the impacts of inflation, increased cost of goods and services, all while finding ways to save,” said Mayor Tanya Thorn.
“This year’s budget is a good news story, as it emphasizes affordability and efficiency while responding to feedback from our community,” said Elaine Vincent, Chief Administrative Officer. “The approved budget includes reductions in licensing and utility fees and keeps the property tax rate increase below previously approved levels.”
Year four of this budget aligns with community feedback to maintain service levels and considers investments in local business. The Town’s priority is to maintain the status quo for most services, while making several service level adjustments that will save residents and businesses money.
Learn more about 2025 budget highlights
Capital Investments and Challenges:
- Strategic Projects: Continued focus on the supplemental water solution, which is the Town’s largest-ever capital project, expected to be operational by 2026. Additional upgrades to the Okotoks Recreation Centre are also prioritized.
- Unfunded Projects: A new capital plan list reflects projects awaiting additional funding from grants or debt financing to align with long-term financial strategies.
- Debt Strategy: Okotoks plans to utilize 60% of its self-imposed debt limit while maintaining flexibility to respond to economic uncertainties.
Community Input Helped to Shape Town Priorities:
In Spring 2024, community members were encouraged to share their thoughts on Town service levels to help Council understand what the community felt was most important. This feedback helped inform Council’s decisions. We learned:
- 65% of resident respondents expressed a preference to maintain existing service levels.
- 85% of household respondents rated the value of their property taxes as “fair” or “better”.
Learn more about the budget engagement conducted earlier this year and find the What We Learned report at shapeourtown.okotoks.ca/budget-2025.