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Annually, Town Council adopts a budget that guides capital and operating expenditures for the given year.
The 2018 Budget represents a fiscally responsible strategy that identifies key areas of investment in the community as well as a prioritized capital plan that aligns with reduced operational expenditures. The Town of Drayton Valley will continue to focus on economic development that encourages community growth while ensuring value for residents.
To read the full press release, click here
The Town Budget has two components:
The Operating Budget is where the money to keep programs and services running on an on-going basis is represented.
The Capital Budget represents a finite amount of money to be invested in specific projects
The average municipal tax bill is comprised of three elements:
Municipal Property Tax
Municipal property tax rates are determined by the programs, services, and infrastructure needs of residents and businesses. Tax Rates are applied to the assessed value of properties within the municipalities.
Education Property Tax
Every year the province calculates, based on assessment value, the amount each municipality must contribute towards the public education system. Municipalities collect the education property tax from rate payers and then forward it to the province for a deposit into the Alberta School Foundation Fund.
the Town receives a requisition from the Brazeau Foundation which provides affordable seniors housing. Under the Alberta Housing Act, the Town is required to collect these funds from the municipality property owners, similar to the education requisition.