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The budget is the Town's operational plan and priorities expressed in dollars. It is a document that shows the revenues and expenses needed in order for the Town to provide daily services and programming and achieve its strategic goals.
Operating Budget vs. Capital Budget
The budget includes two major categories, Operating and Capital:
The Operating Budget includes revenues, recoveries, and expenditures relating to ongoing annual operations. It is a forecast of revenues collected and expenditures for the day to day operations of all the services and programs the Town of Slave Lake provides. The operating budget reflects the cost of maintaining Slave Lake's core services, programs, and infrastructure. It also includes new initiatives and improvements to programs that will advance Council's strategic vision. The Alberta Municipal Government Act, through which the Town is governed, requires Council to adopt a balanced operating budget. Utilities, such as water, sewer, and garbage are supported entirely through their own rates and fees.
Where Does the Money Come From? - Operating
Where Does the Money Go? - Operating
The Capital Budget provides continuing investments for our community to ensure that Slave Lake remains a place to build opportunities and provides for an exceptional quality of life for everyone who lives and visits the community. Significant infrastructure investment includes investments into our roads and sidewalks and continuing investments into our water systems. Quality of life improvements include enhancements to Hilda Eden Park and investments in the MRC facility. There are a total of 46 Capital projects for the 2024 budget year. There are 37 newly identified projects, 7 projects carried forward from previous year and 2 annual ongoing projects. Funding of new projects will require $6,825,500. Carry forward projects and annual projects will required $2,775,300 in funding. Total funding required in 2024 is $9,600,800. Funding sources include reserves $7,102,667; External Sources $408,134; and Grant Funding $2,090,000.
Where Does the Money Come From? - Capital
Where Does the Money Go? - Capital
Will There be An Increase to Property Taxes this Year?
Yes, due to inflationary pressures and rising costs there will be an increase to residential property taxes.
How Much Will This Increase Cost Me?
The chart below shows the estimated monthly and annual increases for the 2024 year to the average household in Slave Lake based on assessment value.
Assessment Value
Total Town Taxes
Monthly Increase
Annual Increase
$200,000
$1,925
$3
$30
$306,000
$2,945
$4
$46
$550,000
$5,293
$7
$83
Notable Increases in Expenses
Beyond the unprecedented inflationary pressures that the Town is currently experiencing. There were some notable increases in expenses compared to the 2023 budget:
Contracted and General Services: Contracted and general service increases present both challenges and opportunities for Slave Lake. Notable, the homeless shelter sees an additional $645,000 in expenses, fully covered by provincial support, reflecting our commitment to providing essential services for vulnerable residents. However, the rising costs of RCMP contracted services pose a significant challenge, with expenses surging by $220,000. Despite these challenges, our community remains steadfast in its dedication to meeting the needs of our residents while ensuring the safety and well-being of all. Through prudent financial management and collaboration with provincial partners, we aim to navigate these challenges effectively, maintaining the high standards of service that define our municipality.
Materials, Supplies, and Utilities: The Town of Slave Lake faced expiration of its power and gas contracts in 2023, leading to updated contract prices that, while under expectations, still marked a significant increased compared to previous agreements due to the heightened cost of power production in Alberta. The collective impact of power and gas increases totals $411,000, underscoring the challenges posed by rising energy costs.
The budget is the Town's operational plan and priorities expressed in dollars. It is a document that shows the revenues and expenses needed in order for the Town to provide daily services and programming and achieve its strategic goals.
Operating Budget vs. Capital Budget
The budget includes two major categories, Operating and Capital:
The Operating Budget includes revenues, recoveries, and expenditures relating to ongoing annual operations. It is a forecast of revenues collected and expenditures for the day to day operations of all the services and programs the Town of Slave Lake provides. The operating budget reflects the cost of maintaining Slave Lake's core services, programs, and infrastructure. It also includes new initiatives and improvements to programs that will advance Council's strategic vision. The Alberta Municipal Government Act, through which the Town is governed, requires Council to adopt a balanced operating budget. Utilities, such as water, sewer, and garbage are supported entirely through their own rates and fees.
Where Does the Money Come From? - Operating
Where Does the Money Go? - Operating
The Capital Budget provides continuing investments for our community to ensure that Slave Lake remains a place to build opportunities and provides for an exceptional quality of life for everyone who lives and visits the community. Significant infrastructure investment includes investments into our roads and sidewalks and continuing investments into our water systems. Quality of life improvements include enhancements to Hilda Eden Park and investments in the MRC facility. There are a total of 46 Capital projects for the 2024 budget year. There are 37 newly identified projects, 7 projects carried forward from previous year and 2 annual ongoing projects. Funding of new projects will require $6,825,500. Carry forward projects and annual projects will required $2,775,300 in funding. Total funding required in 2024 is $9,600,800. Funding sources include reserves $7,102,667; External Sources $408,134; and Grant Funding $2,090,000.
Where Does the Money Come From? - Capital
Where Does the Money Go? - Capital
Will There be An Increase to Property Taxes this Year?
Yes, due to inflationary pressures and rising costs there will be an increase to residential property taxes.
How Much Will This Increase Cost Me?
The chart below shows the estimated monthly and annual increases for the 2024 year to the average household in Slave Lake based on assessment value.
Assessment Value
Total Town Taxes
Monthly Increase
Annual Increase
$200,000
$1,925
$3
$30
$306,000
$2,945
$4
$46
$550,000
$5,293
$7
$83
Notable Increases in Expenses
Beyond the unprecedented inflationary pressures that the Town is currently experiencing. There were some notable increases in expenses compared to the 2023 budget:
Contracted and General Services: Contracted and general service increases present both challenges and opportunities for Slave Lake. Notable, the homeless shelter sees an additional $645,000 in expenses, fully covered by provincial support, reflecting our commitment to providing essential services for vulnerable residents. However, the rising costs of RCMP contracted services pose a significant challenge, with expenses surging by $220,000. Despite these challenges, our community remains steadfast in its dedication to meeting the needs of our residents while ensuring the safety and well-being of all. Through prudent financial management and collaboration with provincial partners, we aim to navigate these challenges effectively, maintaining the high standards of service that define our municipality.
Materials, Supplies, and Utilities: The Town of Slave Lake faced expiration of its power and gas contracts in 2023, leading to updated contract prices that, while under expectations, still marked a significant increased compared to previous agreements due to the heightened cost of power production in Alberta. The collective impact of power and gas increases totals $411,000, underscoring the challenges posed by rising energy costs.
