Bonnyville town council has greenlit its 2024 capital and operating budgets, opting to maintain a two percent tax increase while prioritizing economic development and essential services.
Presenting the budget during the town’s regular council meeting on April 23, Chief Administrative Officer Bill Rogers expressed optimism about Bonnyville’s economic outlook. “These last two years have seen improvements in our local economy and the future of Bonnyville Looks very bright, “Rogers said. “Budget 2024 will continue our longstanding practice of providing high-quality services to residents as efficiently as possible.”
The budget, reflective of the council’s strategic priorities, underscores the town’s commitment to economic development and tourism. Rogers highlighted the importance of financial stability, attributing it to revenue sharing agreements and prudent financial planning.
“The 2024 proposed final operating budget is a balanced budget based on changes from the interim budget,” Rogers explained. “The transfer from the operating reserve required to balance the interim operating budget was $444,037, which has now increased to $666,591 in this final draft of the budget.”
The proposed two percent tax increase, consistent with the interim budget, is expected to yield slightly higher municipal tax revenue due to assessment growth resulting from new developments. The budget also accounts for adjustments in school tax requisitions, resulting in a net increase for residential properties and a decrease for non-residential properties.
Some notable changes in the budget include provisions for events, membership fees, and infrastructure projects such as the Jessie Lake Lowering Project and the Retail Gap Analysis.
The council emphasized the importance of maximizing cost savings across all departments, with staff undertaking a comprehensive review to identify areas for efficiency improvement throughout the year.
In the capital budget adjustments were made to reflect actual tender amounts for projects, resulting in increased funding for core infrastructure projects while maintaining budget balance.
Total revenue for capital projects is estimated at $21.9 million, inclusive of grant funding transfers and debenture funding.
Following the presentation, the council motioned to approve both the operating and capital budgets for 2024, affirming their commitment to fiscal responsibility and community development.