City of Surrey's 2021 - 2025 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 2021 - 2025 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.

Jun 2020

Jul—Aug 2020

• Prepare preliminary Financial Plan; and • Prepare Long-Term Capital Plan.

Sept—Oct 2020

• Present preliminary plan to Finance Committee for further direction (November 30) • Present the 2021 - 2025 Financial Plan to Council (December 7); and • Receive final reading for the 2021 - 2025 Financial Plan Fees, Rates and Budget Bylaws (December 21).

Nov— Dec 2020

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. At the end of the year, if overall spending has exceeded the adopted total budget, Council adopts a revised Financial Plan Bylaw to incorporate these changes.

City of Surrey | 2021—2025 Financial Plan | Executive Overview

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