What is the Budget?
The Financial Services Department coordinates preparation and management of the annual budget. The final, approved budgets are the result of an in-depth review process by the County’s Senior Leadership Team (SLT) and ultimately by Council for final approval.
The budget is the financial plan that directs the flow of funds to programs and services in Norfolk County. Careful budget planning and control ensures that all needs of the community are met, and continue to be met into the future. Financial Services produces three (3) separate budgets on an annual basis – the Tax Budget (also called the Levy-Supported budget or the operating-budget), the Capital Plan (sometimes referred to as the Capital Budget) , and the Water & Wastewater Budget (also know as the water and waste water rate supported budget).
TAX BUDGET (Operating Budget)
The Tax Budget (or Operating Budget) refers to the funds required for day-to-day expenses. In many ways, this is similar to a typical household budget – things like the phone bill, groceries, and car insurance are “operating costs”. For Norfolk County, the operating budget plans the funding of regular activities that the County takes part in throughout the year, such as maintaining different programs and services like snow removal, road maintenance, fire services, libraries, and more. The operating budget is funded primarily through Property Taxes, Fees & Charges, Reserve Fund Transfers, Grants, and Investment Income.
The Capital Plan refers to funds that are budgeted to update or purchase new infrastructure within Norfolk County, typically fixed-assets (things like land, buildings, and equipment) that extend beyond one useful year. The expenditures in the capital budget are similar to a citizen purchasing a new car, or renovating his or her home. The capital plan forecasts capital purchases many years into the future as well. Norfolk County’s capital plan directs the flow of funds to many different approved projects – such as the construction and renovation of new facilities (like recreation centres), or the purchasing of vehicles and equipment to maintain current operations. The capital plan and budget are funded through several difference sources – these include Donations, Tax Levy, Reserves, Funds, Development Charges, Debenture Proceeds and Grants.
WATER AND WASTEWATER BUDGET
The Water and Wastewater budget refers to the funds required for Water & Waste water (sewer) services. This includes the administration costs, operating costs, and other associated costs required to provide Norfolk with these services. Through these budgets water and sewer user fees are set for the upcoming year. The Water & Wastewater budget is funded through water and waste-water user rates.
2015 WATER AND WASTEWATER STUDY 2015 Water and Wastewater Rate Study
(Levy-supported Operating Budgets)
Water & Wastewater Budgets
(Rate Supported Operating Budgets)