FAQ
Why is the Financial Plan required?
A Financial Plan is required under the Community Charter, Section 165 which governs municipalities in the Province of BC.
Under the Community Charter, the following are requirements of the Financial Plan:
- the annual adoption of the Financial Plan must occur prior to the adoption of the Property Tax Bylaw
- the Financial Plan may be amended by bylaw at anytime
- the planning period for the Financial Plan is 5 years (specified year + 4)
What are the key aspects of the Financial Plan?
Key aspects of the Financial Plan include:
- Ongoing operational needs which establish the level of service and contractual obligations
- The renewal and replacement of City assets
- Strategic Investment Opportunities to meet growing needs
- Council Strategic Plan Priorities
- Addressing external Influences such as regulations changes, etc.
How does the City spend the budget?
The City’s budget is framed around the anticipated costs to deliver the various programs and services based upon approved service levels. As with any organization's budget process, there are estimates and assumptions that are used to determine the anticipated amount that will be required to support the delivery of the various City services.
This is a visual representation of how the budget dollars are distributed across city services.