OLD – The city council has approved its three-year financial plan from 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 expenses totaling $ 31,683,277 for a deficit of $ 339,243 in 2024; and revenues totaling $ 31,633,704 and expenses of $ 32,145,125 for a deficit of $ 511,422 in 2025.
Chief Financial Officer Sheena Linderman said the plan was based on figures from the 2022 draft budget with the following assumptions: a 2% inflationary factor on all goods and materials, contract services and utilities.
He also assumes that COVID restrictions will be lifted and that as a result, Olds Aquatic Center and Sportsplex revenue will “return to pre-COVID numbers.”
She said the plan assumed that property assessments would “remain stagnant.”
The plan also assumes that water and wastewater (sewer) consumption rates will increase by five cents per cubic meter each year.
Insurance rates are expected to increase by 10 percent per year.
No allowance is made for new employees.
Council members did not ask any questions during the presentation of the plan.
They voted to approve it for information.