The 2025 Annual Budget Update kicks off with a process overview report to the Strategic Priorities and Policy Committee on May 7, 2024. Click here to find the meeting agendas.
The annual budget update release is scheduled for the fall of 2024. In preparation of budget committee deliberations later in the fall, there will be public engagement opportunities coinciding with the update's release.
Updates will be posted upon Council’s confirmation of the key dates and timelines for the 2025 Annual Budget Update.
What is an Annual Budget Update? Why is it necessary?
What is an annual budget update to the multi-year budget?
An important element of the Multi-Year Budget is the annual budget update process. It is required under the Municipal Act, 2001.
The City must readopt the budget that year, and each subsequent year, for which the multi-year budget applies.
Annual budget updates provides the City the opportunity to change the budget for special circumstances that require funding and resource adjustments. This can be done by one of three types of budget amendments:
New or Changed Regulation: A new or changed legislation or regulation with a financial impact to the municipality
New Council Direction: A new Council direction that has transpired after the approval of the multi-year budget
Cost or Revenue Driver: A corporate or service area budget shortfall as a result of changes in economic conditions