2024 Budget Guideline

2024 Preliminary Budget Guideline

In June 2023, Council approved requesting presentations from department Commissioners in August on options for a 3%, 5.59% and 7% Guideline for each of their departments, which is a new, additional step in the budget process to present additional options for Council's consideration.

Setting the 2024 Budget Guideline gives direction to the City on putting together the Draft 2024 Budget, which is then reviewed by Council prior to considering approval of the final document toward the end of the year.

Consultation on the 2024 Budget was conducted through two drop-in style sessions that were part of a community engagement approach that also included a survey and the traditional interaction between Council, City staff and the community that takes place outside of organized consultation.

The current draft 2024 Budget Guideline information reflects that the current estimate for setting the 2024 Budget to maintain current levels of service and meet previously approved directions from Council would require an all-inclusive rate increase of 5.59% in 2024, which would add $97.45, or $8.12 per month, per $100,000 of assessment for residential properties.

Factors related to the potential increase include employee compensation, annualization of new police hires in 2023, general inflationary costs, insurance costs, fuel prices, the new Green Bin service (source separated organics collection and composting) and the Transit budget.

Personnel costs are a major component of the operating budget. Contracts for ATU L169, CUPE L126, CUPE L504, and CUPE L1833 are currently under negotiation. Contract increase placeholders have been built into the budget to facilitate the budget process. As contracts are settled the contract rates will be incorporated into the budget.

Next steps:

• August, date to be determined - Finance Committee meeting to consider 2024 Budget Guideline
• August/September, date to be determined - City Council considers approving 2024 Budget Guideline
• November 6 - Draft 2024 Budget presented to Finance Committee
• November 9 and 14 - Public engagement drop-in sessions
• November 14 - Public meeting on Draft 2024 Budget
• November 15 - Outside organizations attend Finance Committee Budget deliberations
• November 20 to 23 - Finance Committee deliberates on the Draft 2024 Budget
• December 11 - City Council considers approving the 2024 Budget