Town of Banff

Finance & Taxes

Current Budget

The current budget is set annually by Council.  The operating budget, funded by a variety of sources including property tax, includes all revenue and expenditures for the Town. The capital budget, which is funded by a transfer from the operating budget, includes funding for capital projects for the next five years.

Financial Statements

Municipalities are audited annually by an independent auditor.  The audited financial statements for the previous year are presented to Council in the spring, typically in April.  During the year, the finance team provides Council with quarterly financial updates.

Property Assessment

Every year, property assessments are carried out by a third party contractor.  Homeowners and business owners can expect to receive their assessments in March. The assessment amounts form part of the formula used to calculate annual property taxes.

Property Taxes

Property taxes fund about 39% of the municipality’s budget. The tax rate, or mill rate, is set in April and is based on the amount needed for the budget, divided by residential and commercial ratepayers. Tax bills are mailed in June.

Tangible Capital Assets

Starting in the 2009 reporting year, all municipalities will be required to record and report tangible capital assets, including their condition, in their financial statements.  This is a major change to previous practices, and will help the Town provide better infrastructure management.