In this section

The Town's Finance Department leads the budget development process, and is also responsible for monitoring and managing the Town's financial health. While the Town of Sylvan Lake is enjoying growth, we must manage change and plan for the future with transparency and engagement.

2025 Budget

  • On December 9, Council approved the 2025 draft budget, including a 3.38% property tax increase for residential and non-residential properties 
  • Learn about the budget in the budget brochure or ask for a printed copy at the NexSource Centre, Municipal Government Building, or library.
  • 2025 draft budget open house: February 25, 2025

Visit the budget FAQ for Easy to read and understand descriptions of the budget process. 

Three year financial planning represents the Town's commitment to a transparent and informed decision-making process, and to making fiscally responsible decisions that reflect stewardship and vision. Our fiscal plan is only a plan, and  is brought forward annually during the budget making process. Often, due to external factors or budget assumptions, the second and third year of the plan changes. Regardless, rate payers always have an opportunity to review and provide feedback prior to final budget approval. 

Operating budgets include the day-to-day costs of doing business. Council's yearly strategic goals also affect operating budgets.

Capital projects have long-lasting effects on the community, and often represent a value of over $10,000. Council's Strategic Plan, and the Town's 5-year Capital Plan impact the capital budget.

Budgeting is complete for the 2024 budget

2024 Financial Statements

  • Each year, our complete financial statements are released online
  • These statements take a significant amount of time to prepare, and are usually available in late spring the following year

  

Tax rate approved

Budget was approved at the March 27, 2023 Regular Meeting of Council.

Budget survey

  • Thank you for taking the 2023 budget survey 

Budget open house

  • Thank you to all who attended our January 18 open house. We hit an attendance record!
  • Missed the open house? No problem!

2023 Financial Statements

  • Each year, our complete financial statements are released online
  • These statements take a significant amount of time to prepare, and are usually available in late spring the following year
  • 2023 Financial Statements

Learn more about the 2023 Municipal Budget

2022 Budget Feedback

  • Thank you to all the residents who provided feedback on the 2022 Budget
  • From January 10 - February 11, 2022, the Town welcomed resident budget feedback through an online survey, and through a paper surcvey available at the NexSource Centre and the Municipal Government Building. Thank you to the 90 residents who responded. Check out a summary of results
  • On January 19, 2022 the Town held an open house for residents to provide feedback and ask budget questions. View the open house presentation boards

How property tax dollars are allocated

The Town of Sylvan Lake sets big goals each year. We are proud of what we accomplished!

  • We couldn't do it without our amazing community - our residents, business owners, local organizations, and volunteers

  • 2024 Lookback
  • 2023 Lookback

Each year, the budget process roughly follows a timeline: 

  1. Public engagement: Any time throughout the year, residents are invited to submit their questions and ideas by clicking the budget option: sylvanlake.ca/contact 

  2. Public engagement (Jun/Sep. New for 2023): An in-person budget open house (Sep) and online survey (Jun) gathers feedback from Lakers. The feedback is forwarded to Directors and Council, who consider the feedback when making decisions

  3. Budget preparation (Aug – Sep): Each department prepares a budget for the new year. Each budget identifies new needs but also includes ways to save money

  4. Budget presentation to council (Nov): Directors present their draft budgets to council 

  5. Budget deliberations (Nov - Dec): 

    • Council reviews and asks questions about each department’s budget

    • Council may request changes and departments may make changes

    • Council and departments consider public feedback received through the online survey results

    • We calculate the year's revenue requirement, which is the total amount of money needed to cover the budgeted expenses

    • To cover budgeted expenses, Council approves the residential and commercial property tax rates 
    • Council approves the draft operating budget and budget plan
    • Council also approves the final capital budget, and 10-year capital plan 
    • Draft budget documents are available online for public review

  6. Public engagement (Jan): An in-person budget open house and online survey gathers feedback from Lakers 

  7. Budget approval (Mar): Council approves the operating budget and budget plan 

  8. Public engagement (Mar): Finalized budget documents are available online for public review  

  9. Property tax bylaw (Apr): Council approves the Property Tax Bylaw 

Quarterly Financial Reports

  • Did you know that the Town presents financial reports to Council four times a year?

  • The quarterly financial reports are in the Regular Meeting of Council Agendas available here: sylvanlake.civicweb.net

  • You can find the Council agendas for every Council meeting by clicking on Council Meetings - Public Folder and then clicking on the year 2020-2029 > 2024

  • For example, the dates for 2024's quarterly reports are: June 24, Sept 23, Dec 9

Annual Financial Statements

Financial Indicator Graphs

  • The Province of Alberta maintains financial indicator graphs. The graphs let you browse financial and statistical data for municipalities, including data for Sylvan Lake. The Province compares each municipality to similar towns or cities in Alberta and updates the graphs twice a week.
  • The Town uses the graphs to measure the Town's past performance and help with budget planning