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The Town of Rocky Mountain House Council has adopted its balanced 2024 operating budget in the amount of $26,886,633 and capital budget of $6,683,200.
The approved budget includes a 4% increase in property tax revenue. This will generate $376,000 more in municipal property tax revenue for the Town of Rocky Mountain House next year.
Other revenue increases include an additional $630,000 in grants, and $890,000 in returns on investment.
Council approved the 2024 budget at its December 19, 2023 regular Council meeting. It provides Council’s direction on spending for the coming and future years and allows administration to implement Council’s directed service levels for the municipality.
The 2024 operating budget includes revenues of $9.7 million from property taxation (an increase of $376,000 over 2023) and $3.5 million in operating grants. Service and user fees (including utilities), permits and licenses, leases, rentals and returns on investments make up the balance of revenue.
Actual property tax rates will be set in the spring after the Town receives its 2024 property assessment roll. Each assessment class will see lightly different increases, with 3.79% for residential, 4.97% for non-residential commercial improved and 3.42% for non-residential large business.
The average increase for a residential property will be approximately $92 per year. Increases range from $15 to $102 annually, depending on the assessment class.
Operating expense highlights include $4 million for protective services, $5.7 million for utilities, $2 million for engineering and operations and $5.1 million for recreation, parks culture and social services.
The cost of governance (Council) is forecast at $374,207 or 1.4 per cent of the operating budget.
More information: 2024 Operating and Capital budget news release
Audited Financial Statements
Audited Financial Statements - opens in a new page
