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.
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
Reserve Funding – Income Stabilization Reserve & Capital Reserves
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: