Budget and Finance
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The Town of Paradise operates on an annual budget cycle and every year produces a balanced budget. The fiscal year begins January 1 and ends December 31.
A balanced budget means that money coming in must equal money going out, or revenues equal expenditures. The Town collects money through, property taxes, water and sewer fees, user fees, and grants and subsidies. The money going out is comprised of two main components – capital and operating.
Operating Budget
The operating budget pays for all day to day activities. All Town programs and services are funded through the Town’s operating budget.
Your Town is responsible for clean water, road maintenance, garbage and recycling, snow and ice control, parks and recreation, and fire protection. Some of these services are provided through regional cooperation with the City of St. Johns, including fire protection and water supply. The operating budget also includes money to fund the capital budget.
Capital Budget
The capital budget pays for all significant investments in new infrastructure or the renewal or rehabilitations of the Town’s current assets and infrastructure. This includes installing new water and sewer services, upgrading streets, building new facilities etc.
The Town receives substantial support from both the Provincial and Federal governments through multi-year capital works funding and building Canada Funding. The Town currently owns over $340 million in assets and infrastructure.
There are a couple of connections between the capital and operating budget, one is through the development of reserves, which sets aside funds to pay for capital improvements such as road upgrading, park development and the replacement of underground infrastructure. The other connection between capital and operating budgets are debt payments. The Town borrows for large infrastructure projects such as the installation of new water and sewer services, road widening, and the replacement of underground infrastructure and new facilities.
Developing the Budget
The Town’s Corporate Services Department is responsible for assisting all other departments in the development of their detailed budgets. Several drafts are completed and reviewed with senior management and Council, with the final consolidated budget adopted in December.
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