Operational Budgets
   
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Operational Budgets

Devon's annual Operating Budget is an estimate of the revenues and expenditures required to fulfill the operational needs of the Town over the next year. Near the end of the year, Administration and Council work together through budget deliberations to chart out the budget for the next year and ensure service levels are maintained or adjusted as per Council's direction.

Final Operating Budgets are generally presented to Council at their December Regular Council Meeting to ensure the budget is ready to implemented on January 1 of the upcoming year.

Operational Budgets

2021 Town of Devon Operational Budget    

Devon Council approved the 2021 Operating Budget at their December 14, 2020, Council Meeting with a 2.62 per cent municipal tax increase for 2021.

For a household with a median assessed value of $308,900, the estimated impact of a 2.62 per cent tax increase is about $48.37 per year or $4.03 per month. Property assessments are based off of the calculated value of a property as of July 1 of the previous year.

Cost-saving Measures for 2021

Maintaining the services that residents expect and enjoy, while reducing the potential tax increase was a top priority of the 2021 Operational Budget. To further reduce this impact, Council approved a number of cost-saving measures including a reduction in training and travel budgets for both Council and Town staff and various reductions in department budgets across the entire organization for 2021.


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2022 Town of Devon Operational Budget    

Devon Council approved the 2022 Operating Budget at their Dec. 13 Council Meeting with a 3.90 per cent municipal tax increase for 2022.

For a household with a median assessed value of $305,000, the estimated impact of a 3.90 per cent tax increase is about $71.97 per year or $6.00 per month. Property assessments are based on the market value of a property as of July 1 of the previous year.

Highlights in the 2022 Capital and Operating Budgets include:

  • Debenture costs for the new ball diamonds development and paving of Range Road 262
  • Extension of Michigan Street to Highway 19
  • Installation of new solar crosswalks
  • Replacement of Fire/Rescue Engine (cost shared 50/50 with Parkland County)
  • Funding for the continuation of RVA Trail East (cost shared 1/3 with RVA & Federal Government)
  • Maintaining reserve transfers for the future of Town facilities

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2023 Town of Devon Operational Budget    

Devon Town Council has approved the 2023 Operating & Capital Budgets and the Three-Year Recovery and Service Stabilization Plan at their Dec. 12 Council Meeting with a 5.67 per cent municipal tax increase for 2023.

For a household with a median assessed value of $322,000, the estimated impact of a 5.67 per cent tax increase is about $113.15 per year or $9.43 per month. Property assessments are based on the market value of a property as of July 1 of the previous year and as such, these are estimated impacts.

2023 Capital Budget highlights

  • Relocation of soccer pitches west of the Arena.
  • Upgrading firefighter and CPO radios, linking emergency responders.
  • Highway 19 realignment access.
  • Continuation of River Valley Alliance east trail. 
  • Vehicle and equipment repairs and replacement.
  • Solar pathway lighting (locations to be determined).
  • Speed enforcement monitoring signage

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2024 Town of Devon Operational Budget    

Devon Council approved the 2024-2026 Operating & 2024-2028 Capital Budgets at their Nov. 27 Council Meeting with a 5.25 per cent municipal tax increase for 2024.

For a household with an assessed value of $322,000, the estimated impact of a 5.25 per cent tax increase is about $111 per year or $9.25 per month. Property assessments are based on the market value of a property as of July 1 of the previous year and as such, these are estimated impacts.

Three-Year Fiscal Recovery & Service Stabilization Plan

Last year, the Town developed a plan to mitigate a large municipal tax increase due to costs outside of the Town’s control. In December 2022, Council approved the Three-Year Fiscal Recovery & Service Stabilization Plan to mitigate this increase through select service reductions and the use of the Income Stabilization Reserve (ISR), while ensuring that this reserve is replenished by 2026.

2024 Budget Notable Items

Cost increases impacting 2024 Property Taxes

  • RCMP contract increases. These costs are federally regulated and out of the Town’s control.
  • Rise in operating costs due to inflationary pressures (fuel, equipment, utilities, insurance, etc.)

Reserve Funding – Income Stabilization Reserve & Capital Reserves

  • The Town will continue repaying the ISR, contributing $125,000 back into the reserve in 2024. This important reserve was utilized for the 2023 & 2024 budget to mitigate municipal tax increases for the years.
  • Other critical Capital Reserves will also receive large contributions in the amount of $330,220 to fund future projects.

Select Service Levels Restored – Crack Sealing & Storm Sewer Repair

In 2023, the Town chose to reduce crack sealing to main roads and trails saving $42,000 and reduce the Storm Sewer repair budget by $25,000 to help balance a challenging budget. These critical pieces of maintenance are restored in the 2024 budget.

2024 Capital Budget Highlights

Some of the major projects included in the 2024 Capital Budget include:

  • Repurposing the Esso Building (Federal Grant Dependent)
  • Solar pathway & signalized crosswalk lighting
  • Underground sanitary and water infrastructure evaluation
  • Zamboni replacement (cost share with Parkland County)
  • Splash Park feature replacement – Tower Spinner
  • Walking trail rehabilitation
  • Roadway reconstruction – Continued on Erie Street

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Devon, AB T9G 1A1

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