OLDS — Town council has approved its three-year financial plan for 2023 to 2025.
The municipality is required by law to create the plan.
The plan assumes total revenues of $31,058,068 and expenditures of $31,277,412 for a deficit of $219,344 in 2023; revenues of $31,344,034 and expenditures totalling $31,683,277 for a deficit of $339,243 in 2024; and revenues totalling $31,633,704 and expenditures of $32,145,125 for a deficit of $511,422 in 2025.
Finance director Sheena Linderman said the plan is based on 2022 interim budget numbers with the following assumptions: an inflationary factor of two per cent on all goods and materials, contracted services and utilities.
It also assumes that COVID restrictions will be lifted and that as a consequence, revenues at the Olds Aquatic Centre and Sportsplex “will return to pre-COVID numbers.”
She said the plan assumes that property assessments will “remain stagnant.”
The plan also assumes that water and wastewater (sewer) consumption rates will increase by five cents per cubic metre each year.
Insurance rates are anticipated to rise by 10 per cent annually.
No allowance is made for any new employees.
Council members asked no questions as the plan was presented.
They voted to approve it as information.
