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Like other municipalities and organizations, the Town is facing external economic pressures, including the current global economy, regional competition, increasing expectations and other cost pressures. Our budget looks to balance these competing priorities and challenges with the ability to provide high quality services for all our customers.

Keeping taxes affordable is important to the well-being of our businesses and residents. Like any business or resident, the needs and wants within a municipality are often greater than what the municipality and community can afford at one time. Each year as part of the budget process, choices must be made.

The Community Charter requires that Council adopt a Five-Year Financial Plan bylaw each year.

If you have any questions or would like any additional information, please contact the Finance Department at 250-656-1184 or finance@sidney.ca.

2021 - 2025 Financial Plan

The 2021-2025 Financial Plan was introduced to Council and the public on February 1, 2021, received initial consideration on February 16, 2021, and was approved by Council at a Special Council Meeting on March 2, 2021.

The draft financial plan started out with a proposed general tax increase of 4.45%. This amount included several internal and external requests that had not yet been approved by Council, and was simply a starting point for budget deliberations.

Over the course of two meetings, Council reduced the proposed tax increase to 2.7% by identifying alternate (non-tax) funding for several capital projects, deferring a transfer to reserves, and using additional surplus to reduce the tax impact. The impact of a 2.7% tax increase to the average residence is about $41 for the year.

2021 was a challenging budget year, following the financial impacts of the COVID-19 pandemic. Last year, Council reduced the tax increase to zero, and further decreased commercial taxes by 10%; all of this was achieved without reducing services to the public. Over the next several years, we will have to transition back to previous revenue levels, while also accommodating cost increases. 2021 is the first year of this transition.

Copies of the three staff presentations are linked below, along with the public budget document. Please note that the items should be considered together. Reading the document without also checking out the presentations will likely not provide enough information.

For those seeking the most complete introduction to the financial plan, the above presentations may be viewed together with the video recordings of the meetings, posted below.

Additional Resources

The following resources are available to provide more details on the financial plan.

Previous Financial Plans