The Town's Finance Department leads the budget development process, and is also responsible for monitoring and managing the Town's financial health. Provincial legislation requires us to have a balanced budget. This means money coming in (revenue) equals money going out (expenses). The balanced budget needs to be approved by Council annually.
Annual Budget Process
Each year as part of the budget process Council reviews all of the programs and services the Town provides. Council’s primary objective is to find long-term, sustainable solutions to ongoing budget challenges and ensure municipal services and programs are provided in the most efficient and effective manner to best meet the needs of the community. The review focuses more on setting priorities, exploring trade-offs (services and programs) to reduce the cost of delivery while maintaining or improving services and service levels. The wants and needs of the community are also weighed into this decision to see what is possible to do within the resources available.
The Town of Olds budgets are broken into two main components:
- Operating: The operating budget is all of the day-to-day activities needed to provide services to the community. This includes things like salaries, wages and benefits, goods and supplies, fuel, and insurance.
- Capital: Town infrastructure is funded through the Capital Budget. The bulk of that funding goes to maintaining and rehabilitating existing infrastructure. As funding allows, the Town continues to fund growth, building new infrastructure and investing in the future.
View our annual operating and capital budgets by expanding the lists below.