Every year each municipality is required by legislation to prepare and adopt a multi-year budget. The Town of Nanton budget has three components:
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Operating Budget
is a detailed estimate of expenditures needed for services such as road repair, water and wastewater, parks maintenance, recreational programming, etc. Expenditures are partially offset by revenues such as utility billing, facility rentals and other things (fines, licensing, interest, etc.).
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Capital Budget
works alongside the Operations Budget. This budget is used to ensure physical assets (buildings, machinery, roads) are available to support the provision of services and programs. A majority of these projects are funded by grants and reserves.
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Allocations to Reserves
these funds are used to save over time for major capital projects (classified as capital reserves) such as replacing roads or significant building upgrades. Also used for unexpected expenses (classified as contingency reserves).
(Operations Budget + Capital Budget + Allocations to Reserves) - Other Revenues = Taxes Required for Municipality
