Administration presented the proposed 2023-2024 Budget to City Council during a regular City Council meeting on Monday, November 7. Following that, public had the opportunity to provide feedback to City Council from November 8 until November 18.
City Council deliberated the proposed budget on November 28 through December 5. The outcomes of the six-day deliberations include an approved 2023-2024 budget with a 4.61 per cent municipal increase in 2023 and 4.12 per cent in 2024.
A 4.61 per cent municipal tax increase for 2023 does not mean that each individual property tax bill will change by that amount; the final amount will be determined once requisitions are provided to The City next spring. Individual property taxes may be lower, higher, or about the same based on how an individual property is assessed. Properties that experience a change in value below the average will see an increase that is below the average, while properties that experience a change in value above the average change will see an increase that is above the average.
The approved increase of 4.61 per cent in 2023 equates to an additional $6,501,749 in municipal tax revenue, and for 2024 an additional $6,125,835 in municipal tax revenue for a total of $12,627,586 over two years. In relation to a typical home assessed at $345,000 in Red Deer, this would equal a property tax increase of $114.81 per year, $9.57 per month, or an average weekly increase of only $2.21 towards the services Red Deerians rely on each day.
Some of the highlights of the 2023-2024 Budget include:
- increased funding for Red Deer Emergency Services staff
- funding towards the revitalization of Centennial Plaza Park
- funding to explore an Indigenous Cultures Centre
- a review of the Snow & Ice Control policy in 2023
- long-range financial plan and services review
- increases to several fees and charges, like recreation, transit and utilities (implementation late 2023)
- a special dividend of $800,000 one-time in each year of 2023-2024 from the Electrical Utility
- changes to Community Grant Funding, by adding specific one-time funding for Central Alberta Crime Prevention and increased one-time funding towards Sport and Recreation objectives
- a review of The City’s debt limit policy
The 2023 and 2024 Budgets are about ensuring City services are here, safe and available to all our residents. To ensure our City is open for business, and ready for visitors,
One-page summary of the 2023-2024 Budget (pdf)
Capital project highlight sheets:
See how the municipal portion of your tax dollar would be spent, using the proposed 2023 budget:
In order to fund the budget as proposed by administration, The City relies on multiple revenue sources. Find the breakdown of each source here.