2016-2020_Financial_Plan_Web

Financial Planning Process

PRINCIPLES FOR BOTH CAPITAL & OPERATING FINANCIAL PLANNING

Reflect the goals of Corporate and Departmental Strategic Plans.

Charge new development the appropriate share of new infrastructure costs. The Departmental Strategic and Financial Plans should finance through development cost charges an appropriate proportion of the cost of new development related to capital infrastructure, as determined by Council Policy. Target total debt service charges to below five percent of expenditures. The Departmental Strategic and Financial Plans should strive to keep the annual cost of total debt servicing below five percent of the City’s annual expenditures. Strive to finance capital projects on a ‘pay -as-you-go’ basis. The Departmental Strategic and Financial Plans should assume that capital projects be financed without taking on debt, unless it is required in support of an exceptional opportunity.

The Departmental Strategic and Financial Plans should include capital projects and operating programs which are consistent with Council-approved Strategic Plans. Balance citizens' service expectations with their ability and willingness to pay. The Departmental Strategic and Financial Plans should include capital projects and operating programs which balance the expectations of citizens for services with their ability and willingness to pay for those services. Provide funding for ongoing maintenance and asset replacement. The Departmental Strategic and Financial Plans should incorporate into the cost of capital projects, the costs associated with ongoing maintenance and replacement of investments in facilities, equipment and infrastructure. Encourage cost-effective service delivery. The Departmental Strategic and Financial Plans should support capital projects and operating programs which deliver

cost-effective services through entrepreneurship, creativity, and innovation.

2016-2020 FINANCIAL PLAN

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