Budgets & Finances
The annual preparation of the municipal budget is an exercise that requires a significant amount of time and resources. The Municipality MUST present a balanced budget.
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A first draft of the budget is prepared by the Treasurer based on anticipated revenues and expenses. The results of the previous year often form the basis of this initial version. One must then take into account the requests made by various departments in terms of operational expenses and capital expenditures. Amongst others, this pertains to all the activities in the Public Works Department (mobile equipment, buildings, repairs, landfill site), from everything that deals with drinking water and sanitary sewers, to all the requirements the Fire Department must meet, and more. In addition, we add other known figures that are not in the usual course of doing business, such as additional funding or the completion of specific projects.
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A second draft, in which one will find all expenses considered reasonable, will then be presented to the Finance committee, with an indication of the tax increase required to cover all expenses. The Committee will then determine whether such a tax increase in reasonable and warranted in the circumstances, or if some of the proposed expenses should be postponed to a later date.
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The final version of the budget is presented in a regular meeting of Municipal Council. The municipal by-laws with respect to the tax rates and water and sewer fees are usually approved during the course of this meeting as well.
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Throughout the year, in order to keep an eye on key elements of the budget and to allow Council members to ask questions or bring up any concerns, the Treasurer prepares a monthly financial report in which the actual year-to-date revenues and expenses are compared to the ones budgeted.
The Municipality’s financial situation undergoes an annual audit performed by certified accountants who understand the public accounting standards to which the Municipality must adhere. The auditors prepare the Municipality’s financial statements and provide the Ministry of Municipal Affairs and Housing with the required data.
Municipal Asset Management
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An asset is anything that delivers value to an organization and its stakeholders. In the context of municipal asset management, it typically refers to public-owned infrastructure, such as roads, water pipes, recreational facilities, buildings, etc.
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The objective of an asset management plan is to assist the Municipality in planning the steps and the financial resources required to repair, replace and improve its infrastructure. To do so, the Municipality must go through an exercise wherein an assessment of the condition of its assets is required, the life expectancy of those assets must be determined, the replacement costs must be ascertained, the level of service that the Municipality can provide is considered, the potential risks associated with each asset is evaluated, etc. To submit funding applications, the Municipality must often demonstrate that the project under consideration was identified as a priority in its asset management plan.
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The municipal policy on asset management can be found below.
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You will also find the current Municipal Asset Management Plan, prepared in 2022.
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