Operating budget—Revenues and expenses
2021 budget changes explanation
$166,618 or 2.0% net increase in budget in 2021 due to:
- Increase of $2,568,285 for the continuation of the tax supported Infrastructure Renewal Strategy, which is a 1 per cent annual increase to incrementally bring capital funding to sustainable targets by 2037 and reduce the infrastructure backlog.
- $333,333 increase for Council-approved City Building Capital Reserve Fund transfer to fund the new Central Library; this is the 1/3 commitment approved on October 7, 2020.
Overall increase appears as $166,618 due to shifting capital financing for Contaminated Sites and 100RE to the Sustaining our Future priority.
2022 to 2024 budget changes explanation
$11,461,587 net increase in operating budget from 2022 to 2024 due to:
- Annual increases to support the tax supported Infrastructure Renewal Strategy and Council-approved City Building Strategy for the new central library.