Lucan Biddulph is committed to striking a healthy balance between offering valued services and programs to residents, making strategic investments in community priorities, and keeping the overall tax increase in line with inflation.
The annual budget captures all of the Township’s operational areas including fire services, economic development, recreation and culture, parks and open space, engineering and construction, and planning and development to name a few. Each year, Council approves an annual budget, made up of three parts:
The operating budget provides the necessary resources to deliver programs, services and facilities services to meet the needs of Lucan Biddulph’s growing community, and accommodates for inflationary pressures. The operating budget is funded primarily through property taxes and user fees.
The capital budget and forecast is a comprehensive financial plan that identifies the capital requirements of growth and maintaining existing infrastructure. The capital budget is funded through property taxes, town reserves, development charges, debt and grants. The capital budget is used to either build or rehabilitate assets that will last for more than one year.
Reserves and reserve funds receive annual contributions from the operating budget to assist with creating a solid financial position to support the Township’s future cash requirements. Maintaining sufficient balances in reserves and reserve funds is a critical component of a municipality’s long-term financial plan as it strengthens its long-term financial sustainability, helps to minimize fluctuations in the tax rate and provides funding to sustain infrastructure.