City of Cranbrook council passed three readings of the proposed 2023 – 2027 Five-Year Financial Plan Monday, March 27.

The proposed municipal tax increase for 2023 is 5.87% or about $12.85 per month for the average residential property.

Inflationary pressures have forced prices to rise across many commodities and services, impacting many of the city’s operating and project costs just like what our residents and businesses face, council learned.

Public budget meetings were held in January, February and March of this year, where city departments presented detailed 2023 work plans and summarized major projects planned for 2024 through 2027.

Council reviewed the budget information and directed staff to make adjustments where they felt better alignment with their objectives could be achieved. The public was invited to attend the meetings and submit written comments on the information covered. There were no formal public comments submitted.
Each year, under Section 165 and 166 of the Community Charter, the city must develop a five-year financial plan and undertake a public consultation process before the plan is adopted.

This year’s budget process began with strategic planning sessions that included members of council and senior management.

Priority projects were identified and categorized based on importance and alignment with council’s objectives and ultimately formed the basis of the 2023 to 2027 Five Year Financial Plan.

The municipal tax levy increase for 2023 is 5.87% (based on the budgeted non-market change value of $415,000).

The projected tax levy increases for 2024 through 2027 are:

• 2024 – 5.70%
• 2025 – 4.64%
• 2026 – 4.18%
• 2027 – 2.87%

Read more about Five Year Financial Plan (2023 to 2027) Bylaw No. 4114, 2023.

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