Council approves 2024 Operating & Capital Budgets
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Council approves 2024 Operating & Capital Budgets

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Council approves 2024 Operating & Capital Budgets

Devon Council approved the 2024-2026 Operating & 2024-2028 Capital Budgets at their Nov. 27 Council Meeting with a 5.25 per cent municipal tax increase for 2024.

For a household with an assessed value of $322,000, the estimated impact of a 5.25 per cent tax increase is about $111 per year or $9.25 per month. Property assessments are based on the market value of a property as of July 1 of the previous year and as such, these are estimated impacts.

Three-Year Fiscal Recovery & Service Stabilization Plan

Last year, the Town developed a plan to mitigate a large municipal tax increase due to costs outside of the Town’s control. In December 2022, Council approved the Three-Year Fiscal Recovery & Service Stabilization Plan to mitigate this increase through select service reductions and the use of the Income Stabilization Reserve (ISR), while ensuring that this reserve is replenished by 2026.

2024 Budget Notable Items

Cost Increases Impacting 2024 Property Taxes

  • RCMP contract increases. These costs are federally regulated and out of the Town’s control.
  • Rise in operating costs due to inflationary pressures (fuel, equipment, utilities, insurance, etc.)

Reserve Funding – Income Stabilization Reserve & Capital Reserves

  • The Town will continue repaying the ISR, contributing $125,000 back into the reserve in 2024. This important reserve was utilized for the 2023 & 2024 budget to mitigate municipal tax increases for the years.
  • Other critical Capital Reserves will also receive large contributions in the amount of $330,220 to fund future projects.

Select Service Levels Restored – Crack Sealing & Storm Sewer Repair

  • In 2023, the Town chose to reduce crack sealing to main roads and trails saving $42,000 and reduce the Storm Sewer repair budget by $25,000 to help balance a challenging budget. These critical pieces of maintenance are restored in the 2024 budget.

2024 Capital Budget Highlights

Some of the major projects included in the 2024 Capital Budget include:

  • Repurposing the Esso Building (Federal Grant Dependent)
  • Solar pathway & signalized crosswalk lighting
  • Underground sanitary and water infrastructure evaluation
  • Zamboni replacement (cost share with Parkland County)
  • Splash Park feature replacement – Tower Spinner
  • Walking trail rehabilitation
  • Roadway reconstruction – Continued on Erie Street

“This was another challenging year for us as we balanced maintaining services while dealing with inflationary pressures that I am sure we are all aware of today,” said Mayor Craddock. “I am proud of our group here from Administration to Council for sticking to the Three-Year Plan and ensuring we are funding our reserves to support the future of our community.”

The final municipal tax rate will be approved in May 2024 and tax notices will be mailed out to Devon property owners on May 31 with payment due June 30, 2024.

Learn more about the 2024 Operating Budget at



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Devon, AB T9G 1A1

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