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2018 Municipal Budget(s) for the Town of Oromocto
Town Council held a public budget consultation meeting on 16 November 2017 post, Regular Session of Council. Information from that session was gathered and considered as administration completed their respective budget priorities. On Tuesday, 12 December 2017 the Chief Administrative Officer then presented the proposed 2018 Budget and finally on Thursday, 14 December 2017, Town Council approved the 2017 Budgets.
Municipal Budgeting FAQs
What exactly is a budget?
A planned itemized summary of money coming into the Town and how that money will be spent over a specified period of time.
Did you know?
The Provincial Government legislates that money coming into a municipality must equal money going out. This is also known as a balanced budget!
What is the difference between an operating and capital budget?
- Pays for all the day to day activities of the corporation;
- Examples of operating expenses include, salaries and wages, insurance, supplies, fuel, and utilities to name a few.
- Pays for all new big investments or rehabilitation of assets currently under the Town’s control
- Examples of capital expenses include, new fire trucks, new roads, and new sewers just to name a few
How are municipal services funded?
The majority of the municipal revenue is raised through property taxes, and legally the accounts cannot go into deficit. Additional non-tax revenue sources come from facility and program fees, service fees, leases, licenses, permits and fines as well as grants, including a payment in lieu of taxes from the federal government.
Where does the Town spend its money?
What is Assessment Growth?
- Assessment growth results from property taxes that are paid primarily as a result of an expanding Town (new homes and businesses).
- These new taxes are paid to receive the same services that existing tax payers receive. Given that there are an increased number of homes and businesses requiring core municipal services, civic departments, boards and commissions have to provide an increased volume of core services.
What are Reserves & Reserve Funds?
- A reserve fund is an amount set aside for a specific purpose by authority of a by-law (or as required by legislation) that is carried from year to year unless consumed or formally closed.
- Reserves are also amounts carried from year to year, but reserves are set up by resolution of Council and are used mainly as cushions against operating budget contingencies or unforeseen events.