Budget approval is the formal council vote that officially adopts the municipal budget for the coming fiscal year. After administration presents the proposed budget, council reviews, debates, and may amend it through deliberations. The final approval vote formally authorizes the municipality to collect the revenues and make the expenditures outlined in the budget. Once approved, the budget becomes the financial framework guiding municipal operations for the year. Most provinces require municipalities to approve budgets by specific dates. Budget approval is typically accompanied by passage of a tax rate bylaw setting the property tax rates needed to generate budgeted revenue.