FINANCE AND ADMINISTRATION REPORT - 2023-2027 FINANCIAL PLAN-PARKING LOT ITEMS

TOWN OF VIEW ROYAL FINANCE AND ADMINISTRATION REPORT

TO: Committee of the Whole DATE: March 8, 2023 FROM: D. Christenson, Director of Finance MEETING DATE: March 13, 2023

2023-2027 FINANCIAL PLAN-PARKING LOT ITEMS

RECOMMENDATION:

THAT the Committee recommend to Council any changes to the inclusion, timing, or budget allocation for items listed in the Proposed 2023-2027 Financial Plan, March 13, 2023 Parking lot items.

PURPOSE:

At its budget workshop sessions February 14-22, 2023, Council deferred decisions regarding several items by placing them in a temporary “Parking lot”. Council now has the opportunity to indicate any changes or deletions it requires relating to these items before the 2023-2027 Financial Plan is finalized.

TIME CRITICAL:

Legislation requires Council to adopt a five-year financial plan bylaw by May 15 each year. The 2023-2027 Financial Plan that receives approval in principle at the April 11, 2023, Committee of the Whole meeting will be prepared in bylaw form and presented to Council in time to meet this deadline.

EXECUTIVE SUMMARY:

When the Committee considers the Proposed 2023-2027 Financial Plan on April 11, 2023, it will have a listing of any changes to the financial plan made by Council up to that date, including changes relating to items currently listed in the parking lot. Additionally, the Committee will have information received during the public engagement period (March 13-31, 2023). The Committee may recommend any further changes to the financial plan before recommending approval in principle. Once approved, the financial plan bylaw will be prepared for readings at subsequent Council meetings to meet the legislated deadline.

Parking lot items are primarily funded by sources other than taxation, and eliminating any one or more of them or changing the timing or budget allocation will not affect the increase to taxation in 2023.

ALTERNATIVES:

If the Committee opts to defer decisions relating to one or more items listed on the Proposed 2023-2027 Financial Plan, March 13, 2023 Parking lot items, the item(s) will be included in the final financial plan as shown. Council will have the opportunity to reconsider items scheduled for years after 2023 during next year’s budget discussions.

CONCLUSION:

The Committee has an opportunity to consider items relating to the 2023-2027 Financial Plan that were deferred to the parking lot during the budget workshop sessions in February, 2023. Once endorsed by Council, these changes will be incorporated into the annual financial plan bylaw presented to Council in April, 2023 in time to meet legislated deadlines.

CONCURRENCE:

REVIEWED BY:

ATTACHMENTS:

PROPOSED 2023-2027 Financial Plan, March 13, 2023 Parking lot items