On March 18, Administration and Council discussed the following reports:
- The Operating and Capital Financial Update
- Budget Process Recommendations for 2027-2030
- Pay-As-You-Go Replenishment
These reports will provide an update to Council and Edmontonians on year-end results for the capital and operating budgets in 2024, some changes to budget processes and a strategy to help fund capital projects going forward.
The City ended 2024 by effectively breaking even on the operating budget. This is a great outcome, achieved by both careful management of expenses and some one-time surpluses. The City does have several structural budget challenges, which will continue to impact our finances in 2025. We have strong financial practices in place, however managing ongoing budget challenges will take time to resolve.