Council Finalizes 2024 Budget and Tax Rate Bylaw
Friday, April 26, 2024
Rocky View County Council has finalized the 2024 Operating and Capital Budget and approved a 0% tax increase, demonstrating sensitivity to economic conditions.
“We recognize the economic pressures our residents are facing within their own personal budgets,” says Reeve Crystal Kissel. “With that in mind, we have the opportunity this year to lessen that financial strain by approving a budget without a tax increase, underlining our commitment to ensuring the prosperity and wellbeing of our community.”
Through the budget planning process, projections for an increase in tax revenue is based on anticipated growth in the County. This growth, primarily from new developments, exceeded forecasted levels, by more than eight times initial projections, resulting in an additional $9,206,900 in tax revenue for the County. The significant uptick in new construction, particularly in the non-residential sector, drove this higher-than-anticipated growth.
While recognizing the local economic strength, the 2024 budget was carefully crafted to address the infrastructural and service demands of a growing community. It outlines investments in both operating and capital expenses, including new positions and technological advancements to bolster service delivery.
Among the key budget adjustments approved by Council are:
- Funding for a variety of key strategic investments aimed at enhancing service levels across various departments in order to address scope, capacity, and risk factors.
- A modest utility rate increase of 3% for water and wastewater services, reflecting a thoughtful approach towards cost recovery.
- A budget adjustment of $6,552,800 to be transferred to the Tax Stabilization Reserve for future service delivery enhancements and future project funding.
With the 2024 Budget approved on April 9, the next step for Council is to review and approve the Annual Tax Rate Bylaw. This bylaw reflects the budget and equates to the amount of property tax revenue required to pay for the services provided by the County and is based on a property’s most recent assessed value. Council approved the 2024 Tax Rate Bylaw on April 23, resulting in a slightly lower tax rate for residential and farm assessment classes than 2023, and a marginal increase for the non-residential tax rate.
Complete details of the budget presentation are available in the April 9 Spring Budget Finalization Agenda item and Council Meeting video, along with the presentation of the 2023 Year-End Financial Statements and approval of the 2024 Tax Rate Bylaw at the April 23 Council Meeting.
Residents can visit our website to learn more about the budgeting process or property taxes. Residents can contact Rocky View County at 403-230-1401 or questions@rockyview.ca to obtain information specific to their assessment and tax bill.
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