Council approves budget for 2018
Financial plan includes over $25 million in new capital spending
Lac La Biche County Council has approved the municipal budget for 2018.
The budget includes $25.5 million in new capital spending, allowing the County to continue updating its aging infrastructure. Replacing water and sewer lines in Lakeview Crescent and paving the Mystic Beach access road are among this year’s new construction projects. In addition, $5.7 million has been allocated to reserves, for future planning.
Operating expenditures are set at approximately $57 million, and the County is currently targeting a surplus of $2.5 million. Budgeting for a surplus enables the County to finance unforeseen costs throughout the year.
The budget is a live document, subject to change as Council directs.
“What we have is a responsible, flexible plan to serve our residents’ needs,” said Mayor Omer Moghrabi. “Our economy still presents challenges, but I’m pleased to say we’re in a strong financial position and we have a range of options to help us meet our goals. We continue to operate within our means, and we’re succeeding at reducing our infrastructure deficit. We’re preparing to face the challenges of the future and we can proceed with confidence, knowing our fiscal house is in order.”
A full overview of the budget will be posted on the County’s website soon. The next step is for Council to set local property tax rates. These will be discussed at meetings later this spring, after Council has received information about property assessments.