At their Council meeting this week, Council gave first three readings to the Five-Year Financial Plan 2026–2030 Bylaw No.778 2026.
The Five-Year Financial Plan is the document, which outlines the revenue and expenses for the Village. These must balance to zero each year or Council can authorize a reserve contribution to cover any shortfall.
While the document covers a period of five years, the focus is on the current year budget with rough projections for the subsequent years.
The Village needs to adopt the Five-Year Financial Plan each year and can make changes (known as Five-Year Financial Plan amendments) if needed throughout the year.
Process to develop the budget so far
The process to develop the Five-Year Financial Plan has included the following:
- Discussions about 2026 property taxes and water utility and sewer utility rates at two Committee of the Whole meetings
- Council's consideration of the 2026 budget direction report at a public meeting
- A community budget information and input session, followed by an online consultation period
- Council's consideration of the draft Five-Year Financial Plan
- Council's consideration and first three readings of the Five-Year Financial Plan Bylaw
Next steps
At their next meeting, Council will consider adoption of Five-Year Financial Plan Bylaw and first three readings of the Tax Rate Bylaw, which needs to be adopted by May 15. After this, the Village sends out property tax bills (notices).
Read about the budget process at: www.lytton.ca/budget.