Council Approves the 2020 Budget

At the Regular Council Meeting on December 9, 2019, Council approved the 2020 Operating and Capital Budgets. You can see the approved 2020 operating and capital budgets here. Highlights of the 2020 Budget include:

General Operating Budget

  • Our tax rate remains the same at $1.5600/$100 of assessment.
  • No cuts to existing services or programs.
  • The total General Operating Budget for 2020 is $11,385,585, which is an increase of $394,402 from 2019 and continues to be balanced on a yearly basis.
  • The Chalk Festival will be presented again in 2020.
  • Additional funds for Fall Fair 2020, which is the 20th anniversary of the event.
  • Principle and interest on long-term debt payments decrease by $85,566 to a total of $1,058,886.
  • Capital out of Revenue is increased from $1,000,000 to $1,215,000.
  • A total of $45,169 will be transferred to the Reserve Fund.

Utility Operating Budget

  • The total Utility Budget for 2020 is $1,989,364, which continues to be balanced on a yearly basis. This compared to a total budget of $1,949,610 In 2019.
  • Our annual replacement on long-term debt decreased by $45,590 for a total annual debt payment of $542,563.
  • The total annual bill for minimum users will be $433.60 for both water and sewer in 2020, up from $397.20 In 2019. This represents 40-50% of our water users and continues to be one of the lowest annuals water and sewer charges in the province.
  • Minimum users will see their quarterly bill increase from $99.30 in 2019to $108.40 in 2020, with a further increase to $117.50 In 2021.
  • The budget includes an estimated transfer of $160,00 to the Utility Capital Reserve Fund in 2020. These funds are being put away over a five-year period (2017-2021) for future lagoon upgrades.

General Capital Budget

  • The Total general capital budget for 2020 is $1,215,000, all of which is Capital out of Revenue. This is a significant achievement, as it is the first year ever that we have been able to perform the entire capital program within no borrowing.
  • Lorne Street Phase II Project will continue into early 2020.
  • Our annual dept payment will be reduced by $85,566 in 2020, with total principle and interest payments of $1,058,886.
  • Our overall debt ratio will be 9.17% in 2020, down from 11.60% in 2017 and 13.14% in 2013. This represents almost 4% decrease on our debt ration over 7-years (2013 to 2020).

Utility Capital Budget

  • The total Utility Capital Budget for 2020 is $462,000
  • Past bond repayment will be completed in 2020 of $413,000, which will allow for 2020 capital borrowing.
  • Future planning for sewage lagoon upgrades continues by allocating funds into a capital reserve fund and still maintaining a healthy capital budget allocation.