City of Surrey's 2024-2028 Financial Plan

FINANCIAL PLANNING PROCESS

Financial planning gives departments the opportunity to examine priorities, assess objectives, and re-direct resources to accomplish goals. Although the Financial Plan is typically presented to the Finance Committee at the end of November and adopted by Council before the end of December, as it must be adopted before May 15th as required under the Community Charter [Section 165(1) and 197(1)], the planning process actually begins many months before. FINANCIAL PLAN TIMELINES The following timetable outlines the process behind the 2024 - 2028 Financial Plan:

• Identify and review of the impact of the prior-year financial plan on the current year; and • Publish guidelines for the preparation of departmental plan submissions. • Prepare departmental financial plans; • Departments submit operating and capital issue papers; and • Preliminary ranking of capital projects. • Prepare preliminary Financial Plan incorporating Council priorities; and • Prepare Long-Term Capital Plan. • Conduct public engagement on budget priorities; • Present preliminary plan to Finance Committee for further direction (April 22, 2024); • Present the 2024 - 2028 Financial Plan to Council (April 22, 2024); and • Receive final reading for the 2024 - 2028 Financial Plan Fees, Rates and Budget Bylaws (May 6, 2024).

Jun 2023

Jul—Aug 2023

Sept—Oct 2023

Nov 2023— Apr 2024

AMENDMENT TO THE FINANCIAL PLAN AFTER THE FINAL ADOPTION In rare instances, Financial Plan appropriations may be amended after Council has adopted the Plan, in accordance to the Community Charter. Any changes made after the Financial Plan Bylaw has been adopted require a Financial Plan Revision Bylaw. Changes are tracked during the year and new spending is temporarily funded through contingencies. If, at the end of the year, overall spending exceeds the adopted total budget, Council would adopt a revised Financial Plan Bylaw to incorporate these changes.

City of Surrey | 2024—2028 Financial Plan | Executive Overview

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