Update on budget pressures and opportunities for the preliminarily approved 2023 Budget; City Council set to deliberate November 28
The Governance & Priorities Committee (GPC) will consider an administrative information report at its next meeting on October 24, 2022, on the 2023 Business Plan and Budget’s pressures and opportunities. The City’s Multi-Year Business Plan & Budget (MYBB) Policy allows Administration to bring forward adjustments to the budget in the second year of the two-year cycle. The City is then able to adapt and respond to pressures and opportunities that are present due to changing municipal, provincial, and federal environments.
“This report provides an update on the financial landscape for the City heading into 2023. The world has changed significantly since the initial 2023 budget was prepared and the City is not immune to the inflationary and supply chain issues organizations have faced globally,” says Clae Hack, Chief Financial Officer.
“While expenditures such as fuel, natural gas and other contracted services have seen increases, the City is also expecting to see significant increases in revenues from sources such as Municipal Revenue Sharing, Investment Income and Transit revenues to offset most of these impacts,” adds Hack.”
Background
At its November 29, 2021, 2022/23 Preliminary Business Plan and Budget meeting, City Council approved the 2023 Operating and Capital Plans.
The details of the previously approved 2023 Operating Plan can be found in the 2022-2023 Approved Detailed Operating document. Additionally, the approved 2023 Capital Plan can be found in the Approved Capital Budget Project documents.
Next Steps
“It’s important to note that these potential adjustments have not yet been approved,” adds Hack. “The budget adjustments and mitigation strategies will be debated by City Council at its 2023 Budget Meeting on November 28, 2022.”
Administration is exploring options for operating budget reductions for City Council to consider and will present them to City Council on November 28. In addition, capital project adjustments will be presented for deliberation.
Visit saskatoon.ca/budget