2025-2029 Financial Plan

Understanding the Municipal Budget

How does the budget process work?

Legislation requires municipalities to prepare a financial plan, or budget, every year that includes the current fiscal year and the next five fiscal years (five-year plan). The financial plan includes both operating and capital budgets for each year.

Both the Financial Plan and Tax Rates Bylaws must be adopted each year before May 15.

What is involved in budgeting considerations?

Municipalities are required to prepare a balanced budget each year. To achieve this, District staff must identify revenue sources to fund all anticipated expenditures.

District staff consider many factors while preparing the proposed financial plan, including:

• Council's Strategic Plan
• The past year’s actual spending and required adjustments to the operating budget.
• Changes in scope or cost estimates of approved capital projects.
• New equipment or capital projects that require funding.
• Potential new staffing requirements.

How is the public involved?

Tofino residents and businesses are encouraged to inform the Council about their priorities. This could include a desire for more parks, improved childcare services, reserves for infrastructure development, or lower taxes. Council invite you to attend the budget meetings to learn about the process, understand the issues and challenges, and share your thoughts. District staff are available to answer your questions, relay your feedback to the Council, and provide clarification as needed.