The Town of Okotoks' 2023 budget was approved in another special budget meeting last week.

It's the second year of the four-year 2022-2025 budget passed in December 2021.

Unforeseen economic pressures like record inflation and the increased cost of utilities were big factors in changes from what was originally planned.

That includes a 4.5 per cent tax rate increase compared to the 2 per cent increase that was initially anticipated when the four-year budget was passed.

Tanya Thorn is quoted in a release from the town:

“Year two of the 2022-2025 budget provides a short-term path to navigate economic challenges, it highlights the importance of long-term planning, the need to be realistic about reliance on our current revenue sources, while considering and developing alternate financial revenue streams... Providing service delivery in an environment where cost escalation is impacting everything, will be a key component of our financial health strategies moving forward.”

The town intentionally avoided cuts in local services like garbage collection, snow removal, and local pathways.

Increases to some services are also planned, including one additional RCMP officer each year from 2023-2025.

The town is also looking to increase the number of firefighters and find a permanent deputy fire chief.

They included a few more highlights in the release:

  • The budget is balanced, with overall revenues of $70.13M
  • Expenditures of $66.963M, long-term debt repayment of $1.80M and net transfers to/from reserves and capital funds of $1.37M
  • $0.48M new one-time operating expenditures for a total of $3.75M
  • $10.16M new capital projects for a total of $28.07M