Clarington Council has approved a new multi-year budget policy with annual budget updates at its May 1 meeting.
Later this year, Clarington will consider approving its first multi-year budget for 2024 to 2027, said a notice from the council.
For 2023, Clarington Council has raised taxes by 4.06 per cent.
It said multi-year budgeting has several benefits, including:
- Greater predictability to taxpayers about the future direction of taxes.
- Aligning longer-term goals and objectives with longer-term financial plans.
- Greater certainty on the timing of implementing organizational plans and studies (e.g. Strategic Plan, Asset Management Plan, and Development Charges Study).
- Better accountability and transparency over spending plan changes.
- Linking big-picture documents like Council’s Strategic Plan, the Asset Management Plan, Development Charges Study, and master plans with funding requirements outlined within the budget.
Each year, council will review an annual budget update and make any needed adjustments, said the council.
The updates could include information on new or changed regulations that have a financial impact to be considered, an opportunity for new council direction with a financial impact (e.g. expanding hours at recreational facilities), and any budget adjustments needed due to changes in the economy, it said.
Other Ontario municipalities, including the City of London and the City of Guelph, have successfully implemented a multi-year budget, it pointed out.