Understanding Lincoln's Budget
Understanding Lincoln's Budget
Planning for & Building a Municipal Budget
The Town of Lincoln provides more than 90 services to the residents of Lincoln. It is the responsibility of Council and staff to make strategic decisions to ensure the balancing of affordability with service delivery levels, and mandated services.
Each year the Town prepares and approves an annual budget to address:
- Council priorities
- Operations
- Services
- Infrastructure
- Asset management
It requires Council’s leadership to find balance between:
- Service levels
- Increased cost to deliver services
- Sustainability and affordability
The budget is:
- An itemized summary of money coming into the Town and a plan for how that money is going to be spent over a specific period time.
- It is important to note that the provincial legislation requires a balanced budget, money coming in equals money going out, also known as 'revenues equal expenditures'.
There are two main components of the budget:
- Operating budget
- Capital budget
Budget Planning
Budget planning is a year-round activity that includes informal and formal activities. Throughout the year, staff collect this information report back for formal planning.
There are several inputs that are considered in budget planning:
- Legislated/Mandated: We need to do it – other funding available
- Council Priorities – Does it align and accomplish goals?
- Growth/Strategic: Required to support growth or accomplish strategic projects – DC’s, grants, partnerships, etc.
- Service Delivery: How we deliver services, efficiencies, prioritization of work, scheduling
- Public Engagement: Are there themes to identify and inform Council toward decision-making
- 10-Year Capital Plan: is a forecasting tool to assist with the prioritization of capital project while not losing sight of competing priorities when developing the capital budget
- Asset Management Plan: enables informed decisions regarding the building, operating, maintaining, renewing, replacing and disposing of infrastructure assets
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