Budget and Financial Reports

City of Belleville Budget

The annual budget is a plan for how the City will collect and allocate resources in order to best improve and maintain City services and infrastructure for our community. In Ontario, Municipalities must balance their budget meaning that money going in must equal the money going out.

The budget is broken down into two components, the Capital Budget and the Operating Budget.

Capital Budget

What is it?

The Capital budget is the City’s plan for making significant investments in infrastructure and assets that support city services.

Capital Expenses

Capital expenses are often known as capital projects and are major costs that are used to purchase maintain or improve city infrastructure or assets. Some examples of capital projects are:

• Major maintenance or renovations to public buildings
• Construction or purchase of new public buildings
• Purchase of major equipment or machinery
• Major road resurfacing projects

How Capital Expenses are Financed

The City uses funding from several different sources to finance the Capital Budget. These funding sources include:

• Property taxes
• User fees
  • Water
  • Wastewater
  • Parking
  • Reserve funds
  • Grants
  • OLG casino proceeds
  • Canada Community Building Fund
  • Provincial gas tax
  • Development charges

How the Capital Budget is Made

The Capital Budget reflects Council’s priorities as outlined in the Strategic Plan and is largely based on a number of infrastructure-related plans and studies which include:

• Asset Management Plan
• Transportation Master Plan
• Roads Needs Study
• Wet Weather Master Plan
• Parks and Recreation Master Plan
• Infrastructure Phasing Strategy
• Development Charges Background Study

 Capital Budgets

 Operating Budget

 What is it?

The Operating Budget is the City’s plan for the day-to-day costs required to deliver all city services to residents.

Operating Expenses

Operating expenses are made up of all the day-to-day costs required to operate the City. These are some examples of operating expenses:

• Salaries
• Utilities
• Supplies
• Vehicle maintenance
• Parks maintenance

How Operating Expenses are Financed

Operating expenses are mainly financed by property taxes and are comprised of the following:

• Property taxes
• User Fees
  • Water
  • Wastewater
  • Parking

How the Operating Budget is Made

The operating budget is based on recommendations from city staff, the Finance Committee and community feedback. The operating budget is then presented to council for further feedback and approval before being implemented.

Operating Budgets

Financial Statements

Financial Statements are prepared yearly and reviewed by an independent auditor.  All Statements are in compliance with the Public Sector Accounting Standards for local municipalities.