As your City Council, financial stewardship is important to us and the budget is one way we ensure our financial decisions consider short and long-term costs alongside the value of our services to the community.
On Monday, Dec. 11, 2023, we approved the City’s $359 million 2024 budget through our 2024 Financial Plan. The City’s budget is made up of funds allocated to support the operation of all City services, such as our parks, roadways, police and fire. With costs continuing to rise for construction, property insurance and labour contract obligations, this year it was vital for us to ensure that we keep costs in-line and services being delivered as efficiently and effectively as possible.
Our 2024 Financial Plan is developed by staff through the directions in our 2022-2026 Strategic Plan. Some of the most significant components making up the financial plan are Abbotsford Police Department services at $70.2 million; Parks, Recreation and Culture programs and services at $37.9 million; Engineering Services at $33 million and Abbotsford Fire Rescue Service at $24.8 million.
The budget includes around $91 million in capital expenses for community investments such as road resurfacing, new water source analysis and design, railway crossing safety improvements, flood mitigation projects, new traffic signals, bike lane program, neighbourhood parks, and water and sewer mains. Thanks to the City’s financial discipline, many of these projects can be funded though reserves without the City taking on debt or further raising taxes.
The amount of property tax property owners will pay in 2024 could increase or decrease depending on the assessed value of their property by BC Assessment in comparison with the average change across the city. You can learn more about the City of Abbotsford budgeting process and financial plan on our website.
Abbotsford City Council