In mid-January the City of Red Deer will review an amended 2024 budget. The budget for 2024 was originally approved by Red Deer City Council as part of a two-year budget but it has been re-evaluated to ensure it reflects the current economic conditions.

“We’ve had to take a step back and take a second look at our 2024 budget,” said Mike Olesen, General Manager, Growth and Finance. “The reality is that our economic situation has changed since the budget was approved in 2022 – we’re facing inflation pressures, seeing decreased revenues, and less money flowing from the provincial and federal governments. Combined, these factors led to the need for an amended budget.” 

It was expected that Council would review the previously approved 2024 budget and make adjustments in November; however, an amended budget will be presented in January. Council will also be considering options that may mean a potential tax increase beyond the 4.1 per cent that was previously approved for 2024. Other municipalities in Alberta are facing tax increases of around 5-9 per cent. 

"We need to address the challenges we are facing today before they are unmanageable," said Tara Lodewyk, City Manager. “For the future of our financial health and to continue to fund the essential services we all depend on every day, administration is preparing options and a recommended path forward to Council in January." 

It is the City Council’s goal to create a budget for long-term growth and sustainability.  

“As we look to the future, improving our financial position and overall financial management are key priorities,” said Olesen. “We will be returning to single year budgeting with strong multi-year planning so we can chart a course for growth, while being able to respond and adapt to changing conditions.” 

They will be considering the amended budget January 23-26, 2024. 

For more information on Red Deer’s budget, click here.