The Chief Financial Officer (CFO) is Jacqui Molyneux.
The CFO is responsible for the Town’s financial management, budgeting, purchasing and cost control.
On February 20 Town Council approved the 2024 Operating Budget. The operating budget covers the day-to-day expenses associated with the provision of Town services including for example equipment repairs & maintenance, building repairs & maintenance, utilities, contracted services, insurance, and employee salaries.
The Town has seen many increases in added costs due to the relatively high rates of inflation we are now all experiencing. Despite this, the 2024 budget does not plan for any increase in property tax revenues.
Our budget is therefore unique when comparisons are made with almost all other municipalities in Alberta.
In March the Town will receive the individual property tax assessments from the tax assessor. Any increase in overall property values will be offset by an adjustment to property tax rates to provide an overall net zero tax revenue for all residential and non-residential properties within the Town.
For the past three years the Town has received a requisition from the Provincial Government for the cost of policing in the Town. The cost for 2024 is $66529.00 an increase of 50% over the 2023 requisition of $44321.00. This increase in the cost of policing is passed on to all residents.
Since 2017 the Town absorbed the annual increase in the rates charged to the Town by both the Mountain View Regional Water Commission and the South Red Deer Regional Wastewater Commission. In 2023 we passed on the incremental increase in these rates and for 2024 the budget plans to continue to pass on these increased rates.
The 2024 budget sees the water rate (per m³) increase by 8 cents from $3.10 to $3.18. The wastewater rate (per m³) increases by 11 cents from $3.20 to $3.31. There is no change in the basic flat rate service charges for water, wastewater, recycling garbage or sewer.
Administration has yet to submit to Council the 2024 Capital Budget. Bowden like many other small communities is faced with many challenges regarding the state of its facilities and infrastructure. The capital budget will align itself with the strategic priorities set by Council and with the need to repair or replace critical Town assets as identified within our Asset Management Plan.
With consideration of preparing for future needs the Town will prepare a financial plan that aims to contribute to capital reserves in order to maintain the long-term viability of critical items of infrastructure.