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FIVE-YEAR FINANCIAL PLAN
Town Council adopted a new Five-Year Financial Plan at its Regular Session on 21 September 2023.  The objective of the plan is to provide a high-level overview of the major investments on the horizon.  To view a copy of the press release for more information, please click here. 

2024 Municipal Budget(s) for the Town of Oromocto

Town Council held a public budget consultation meeting on the 17 October 2023 at the Municipal Building.Please see the attached public consultation document that was shared with those in attendance here.  Information from that session was gathered and the final presentation to Council was held on 14 November 2023.  2024 Municipal Budget Presentation.

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Municipal Budgeting FAQs

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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?

Operating 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.

Capital budget:

• 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. 

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.