Finance and Budget

 

Understanding the Municipal Budget

How does the budget process work?

Legislation requires municipalities to prepare a financial plan, or budget, every year that includes the current fiscal year and the next five fiscal years (five-year plan). The financial plan includes both operating and capital budgets for each year.

Both the Financial Plan and Tax Rates Bylaws must be adopted each year before May 15.

What is involved in budgeting considerations?

Municipalities are required to prepare a balanced budget each year. To achieve this, Municipal staff must identify revenue sources to fund all anticipated expenditures.

Municipal staff consider many factors while preparing the proposed financial plan, including:

  • Council's Strategic Plan
  • Past year’s actual spending and required adjustments to the operating budget.
  • Changes in scope or cost estimates of approved capital projects.
  • New equipment or capital projects that require funding.
  • Potential new staffing requirements.

How is the public involved?

Sun Peaks residents and businesses are encouraged to make Council aware of your priorities, whether you value more parks, childcare, reserves for infrastructure, or lower taxes. We invite you to attend budget meetings, learn about the process, understand the issues and the challenges, and let Council know your thoughts. Municipal staff are available to answer questions, distribute your feedback to Council, and provide clarity.

FAQ's Financial Planning