Keeping the Town On Track
A municipal budget serves as a fundamental blueprint that guides us towards efficiency, effectiveness, and proactiveness. It provides a plan on how much money is expected to be received and spent, the level of service to be provided to our residents and the priority of our projects and services.
Budgeting 101
The budget is comprised of two main components:
Operating Budget
The Operating Budget funds an array of programs and services such as emergency, child care, library, care and maintenance of cemeteries, parks and facilities, recreational events, solid waste management including waste/recycling pick up and landfill operations, snow removal, road maintenance, general government and much more. It focuses on the delivery of services and programs in our community. Wages, utilities, insurance, licenses, etc. are examples of the nature of expenses to help provide those services.
Capital Budget
The Capital Budget funds new, replaced, enhanced, and rehabilitated infrastructure. Examples include new and replaced sidewalks, road reconstruction, major repairs and maintenance that could extend the life of our assets such as buildings, etc. The budget helps identify priority infrastructure projects to take care of our current and future needs.
Budget Process
Goals & Priorities
Every Fall we begin with setting priorities with Council by reviewing their Strategic Plan. This helps guide staff in preparing a budget that will move us towards achieving our Town’s Vision and Objectives.
Budget Schedule
An annual budget schedule is established in early Fall to provide all stakeholders with anticipated deadlines in hopes of approving the final budget in a timely fashion. It includes dates and goals for priority setting, draft reviews, budget meetings and presentations, and by-law establishments.
Budget Review & Deliberations
In November, a draft budget is presented to Council for review. It provides an opportunity for deliberations, public consultation, and requests for further information to bring us closer towards a final budget, typically passed in the beginning of the following year.
Final Budget
Council approves the entire budget through by-laws. The Water and Wastewater budgets are similar to the Tax-Based Operating and Capital Budgets described above, however funded by Water and Wastewater fees.
Budget Meetings
All budget meetings are live streamed. Watch live or view the recently archived town council meetings directly from the Live Streams Council Cast section.
Financial Statements
Vanessa Vachon
Director of Corporate Services
171 Fourth Avenue
Cochrane, ON P0L 1C0
Tel: 705-272-4361 ext. 227
2023 BudgetÂ
2022 BudgetÂ
2021 Budget Highlights
2020 was a year like no other. Despite the struggles we’ve faced, our community has shown strength, determination, creativity, and heart. The ongoing pandemic is bringing unknown challenges in our upcoming year. However, we continue to do our best at planning ahead and striving towards financial stewardship. Below are a few key documents for the 2021 budget.
aSSET mANAGEMENT pLAN
The Asset Management Plan is a dynamic and living document that focuses on the effective management of core assets in the Town of Cochrane, Ontario. The AMP complies with the requirements as outlined in the Ontario Regulation 588/17: Asset Management Planning for Municipal Infrastructure.
What is an Asset?
Our community assets are publicly owned. Depending on the community, these assets are made up of natural ecosystems (like wetlands and aquifers), the constructed environment (like roads, building and playgrounds), and the equipment and resources needed to maintain what we have. Example of our assets include our water system, sewer and drainage system, our transportation networks, our walking trails, our parks, the Tim Horton Events Center and other facilities. They all provide services that our community rely on. Each of these assets performs a function which provides a service that our residents value and have come to expect as part of their everyday lives.
Under Standing Asset Management
Asset Management helps put some rigor and structure around the information we use to make strategic decisions. We use it so that our assets will continue to work well, with no surprises, and provide our citizens with services. It is about making the right investment on the right asset at the right time.
To do this, we must:
- Know what we own and where it is,
- Determine the condition of how well its performing,
- Identify the level of service required for it to last,
- Prioritize and plan for both what we have now and what we will have in the future.
Asset Management is an ONGOING process that leads to safe and sustainable services delivered in a predictable, cost-effective manner. It takes time and effort. Keep in mind this is a working document that is continuously changing with condition assessments and new assets.
