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Beginning in 2024, the Municipality of Strathroy-Caradoc will be adopting a multi-year budget. During the budgeting process, the Municipality's Finance Committee will develop a budget that will account for all of the funding and spending required to provide valuable services to residents. Instead of a typical one-year budget, the Municipality will now be adopting a four-year budget which will be in effect from 2024 to 2027. Once a four-year budgetary plan is agreed upon by the Finance Committee, the proposed multi-year budget will go forward to Strathroy-Caradoc Council for final approval and adoption.
As per the Municipal Act, 2001, the adoption of a multi-year budget requires an annual review and re-adoption process. This re-adoption process allows Strathroy-Caradoc Council to respond to changing circumstances that might require an adjustment to the allocation of funding.
| Why operate a Multi-Year Budget? |
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The Municipality of Strathroy-Caradoc has opted for the implementation of a multi-year budget due to its various benefits. Some of the benefits of multi-year budgeting include:
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| 2024 to 2027 Budget Process |
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Starting in the summer of 2023, staff at the Municipality of Strathroy-Caradoc began work on compiling draft Capital and Operating budgets that will account for all of the spending that the Municipality of Strathroy-Caradoc will require over the next four years. During a series of Finance Committee meetings beginning in the fall of 2023, the draft Capital and Operating budgets will be presented to the Finance Committee. The Finance Committee will then deliberate on the draft budgets and make decisions about which projects and operating expenses are necessary for the successful operation of the Municipality of Strathroy-Caradoc. Once the Finance Committee has vetted the draft budgets, the draft multi-year budget will be brought forward to Strathroy-Caradoc Council, at which point it is approved and brought into effect. |
| Capital and Operating Budgets |
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Capital Budget A capital budget accounts for long-term investments such as infrastructure and facility projects. A capital budget includes investments in areas such as water and sewer infrastructure, roads, and arenas and parks. Examples of capital expenditures include road reconstruction projects, fire truck procurement, water treatment facility upgrades, and more. Operating Budget The operating budget consists of all the funds spent on day-to-day operations of the municipality. That includes police and fire service; road maintenance including winter plowing, salting, and sanding; operation of infrastructure like sewer, water, and storm sewer service; a wide array of recreational and cultural programs; and various administrative activities such as planning and economic development. It also includes debt repayment on loans taken out in previous years to pay for projects and purchases. |
| Multi-Year Budget Key Dates |
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Finance Committee Meeting Dates:
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