Five Year Financial Plan Deliberations Begin
Meeting #1 Revenue Policy Overview
At the November 18th Special Meeting of Council, City Chief Financial Officer (CFO) Krista Waite, began 2025 - 2029 Five Year Financial Plan deliberations. This meeting was the kick-off to discussions on the municipality’s requirements and strategies for managing its finances over the next five years. Once complete, the plan will outline the goals and objectives that will guide the City’s financial decisions during this period.
This presentation focused on the Revenue Policy Overview. Waite highlighted the municipality’s expected revenue sources, including:
- Property taxes: The main source of revenue, based on the value of properties in the city.
- Parcel taxes: Revenue from Parcel Taxes currently fund the Aquatic Centre operating deficit.
- Flat taxes: Tax levied on all properties based on the premise that all homes use the same basic level of service regardless of assessed value.
- Fees: Charges for services provided by the municipality, such as recreation facilities, permits, and water, sewer, and waste collection.
Watch the YouTube playback at the link above to learn more about these revenue sources and to hear Council discussions and decisions made at this meeting.
Upcoming Five Year Financial Plan Deliberations
The financial plan aims to establish a clear and structured approach to managing the City's resources, ensuring that decisions are made to support long-term financial stability. CFO Waite will present regularly to seek direction from Council leading up to the May 15th deadline, by which all municipal Five-Year Financial Plans must be finalized. Upcoming meetings are tentatively planned for:
- December 2nd, 2024 - Presentation of the 2025-2029 Capital/Non-Capital Project Budget
- January 20th, 2025 - Presentation of the 2025-2029 Operating Budget
- February 3rd, 2025 - Presentation of the 2025 - 2029 Financial Plan Bylaw
Watch the City's website and social media accounts for links to these meeting agendas and other meeting dates as they become available. Stay tuned for ways you can participate in this year's financial planning process.
The meeting concluded at 8:53 pm at which point Council conducted an In-camera meeting.
