COUNCIL INITIATIVES FOR 2024-2028 FINANCIAL PLAN

COUNCIL INITIATIVES FOR 2024-2028 FINANCIAL PLAN

RECOMMENDATION:

THAT the Committee recommend to Council that staff investigate the feasibility and financial implications for identified initiatives for inclusion in the draft 2024-2028 Financial Plan.

ACTING CHIEF ADMINISTRATIVE OFFICER’S COMMENTS:

I concur with the recommendation.

PURPOSE OF REPORT:

To provide an opportunity for Council to identify specific initiatives it would like to consider in the draft 2024-2028 Financial Plan, and direct staff to investigate related feasibility and financial implications.

TIME CRITICAL:

Publication of the draft 2024-2028 Financial Plan is scheduled for early February 2024. By identifying specific initiatives early in the budget development process, Council allows time for staff to collect, analyze, or otherwise study related operational aspects and financial implications of each project so that Council can have an informed discussion during budget meetings.

BACKGROUND:

Each year as a part of the financial planning process, Council members bring forward initiatives suggested to them by various community and constituent groups for consideration. By identifying these initiatives early in the process, Council allows time for staff to determine the project’s alignment with strategic and other operational plans, longer-term financial and operational implications, and potential sources of funding, including grant opportunities. Additionally, raising these items in a public forum may identify the level of community support for each project and allow further public engagement throughout the financial planning process.

DISCUSSION:

Attachment A – Council Initiatives Listing includes items received from Council members by November 6, 2023. These items, if approved, would have an incremental impact on the financial plan in some way. The table includes staff notes that reference related information, if applicable.

Attachment B – Council Initiatives Item Details provides further detail for each of the items listed on Attachment A, as submitted by Council members.

BUDGET IMPLICATIONS:

For each project approved by Council to move forward for further study, staff will prepare a Project Summary document that describes the project and its estimated capital and/or operational costs and recommended sources of funding. These Project Summary documents will then be included in the draft 2024-2028 Financial Plan for discussion at the budget workshops in February 2024. Staff may also recommend opportunities for further public engagement or study as a part of the proposed project.

RECOMMENDATION:

THAT the Committee recommend to Council that staff investigate the feasibility and financial implications for identified initiatives for inclusion in the draft 2024-2028 Financial Plan.

SUBMITTED BY: D. Christenson, Director of Finance

REVIEWED BY: Sarah Jones, Acting Chief Administrative Officer

Attachments:

• Attachment A Council Initiatives Listing
• Attachment B Council Initiatives Item Details