Town staff develop the annual budget according to the community's priorities and input. Budget planning is a year-round activity for staff. Town of Lincoln Council deliberates and approves the budget in December of each year, ensuring an approved budget is in place for the start of the new year.
Each year the Town prepares and approves an annual budget to address:
- Council priorities
- Asset management
It requires Council’s leadership to find balance between service levels, increased cost to deliver services, sustainability and affordability.
The budget is a planned itemized summary of money coming into the Town and a plan on how that money is going to be spent over a specific period of time. It is important to note that provincial legislation requires a balanced budget, money coming in equals money going out, also known as revenues equal expenditures.
The Town provides more than 90 services to the residents of Lincoln, so Council and staff always have to make strategic decisions to ensure the balancing of affordability with service delivery levels takes place.