5 Year Financial Plan
The Community Charter requires that Council adopt a 5 Year Financial Plan each year prior to the adoption of the annual Property Tax Bylaw.
The purpose of the 5 Year Financial Plan is to provide a budgetary framework for the City to plan the management of its resources, revenues and expenditures in order to best serve the community.
The 5 Year Financial Plan encompasses the Operating, Utilities and Capital Budgets; the Operating Budget controls day-to-day revenues and expenditures, such as property tax collection and Community Safety, the Utilities Budget controls utilities such as Water, Sanitary Sewer and Sanitation & Recycling; while the Capital Budget controls large infrastructure projects such as watermain construction and road improvements.
The first year of the 5 Year Financial Plan serves as the City's budget for the current year, while following years provide a guideline for City staff, incorporating the City's various long-term plans and strategies, such as the Official Community Plan.
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