Financial Planning Process and Calendar

FINANCIAL PLANNING PROCESS AND CALENDAR

RECOMMENDATION:

THAT the Committee recommend to Council that the proposed 2022-2026 Financial Planning Calendar be approved and that future operating budgets include up to $6,000 annually for an online engagement tool for public consultation.

CHIEF ADMINISTRATIVE OFFICER COMMENTS:

I concur with the recommendation.

PURPOSE OF REPORT:

To consider a plan for the development of the 2022-2025 Financial Plan that includes scheduled opportunities for public input and Council consideration.

TIME SENSITIVE:

Because development of the financial plan is a process that encompasses several months and involves all departments, it is important to articulate a plan with sufficient lead time in order to achieve the objectives by the targeted deadlines.

BACKGROUND:

The Community Charter requires Council to adopt a five-year financial plan each year. The financial plan provides the authority for allocating funds to the delivery of services and fulfilment of objectives contained in Council’s Strategic Plan and also provides estimates of revenue to fund the same. The Community Charter also requires that Council undertake a process of public consultation regarding the proposed financial plan before it is adopted.

DISCUSSION:

An overview of the financial planning process is described in Appendix A, Financial Planning Process Flow Chart. The attached Appendix B, 2022-2026 Financial Planning Calendar, outlines the steps that culminate in the approval of the financial plan by the middle of April 2022. This proposal follows a timeline similar to last year’s budget planning cycle.

The proposed calendar includes the following key components:

Review and consideration of targets, policies and plans that impact the financial plan;
Consideration of Council proposed initiatives;
Workshops dedicated to consideration of the proposed operating budget, non-core budget items and capital projects;
Specific opportunity for public consultation;
Consideration and approval of grants-in-aid; and
Consideration and approval of the financial plan and tax rate bylaws.

The proposed schedule provides a framework for consideration and approval of the five-year financial plan that satisfies the legislated requirements and incorporates opportunities for public participation. The proposed calendar includes continuing to offer the Citizen Budget online public engagement tool after the successful two-year pilot. This online tool provides budget information and allows View Royal taxpayers to see the results of customizing budget priorities and to comment on specific aspects of the proposed financial plan.

Council is encouraged to submit specific initiatives or project ideas to staff in advance of the October Committee of the Whole meeting. Initiatives that are approved by the Committee at this meeting will be referred to the appropriate staff resource for feasibility and costing information to be brought forward to the February budget discussions.

BUDGET IMPLICATIONS:

The bulk of financial planning work is incorporated into core operating work plans. Staff will include a separate non-core proposal for a permanent budget increase to support an annual online public engagement tool (see draft Project Summary attached). The estimated annual cost is $6,000, and because of the timing of this spending commitment, Council’s pre-approval is requested. Activities relating to publishing the financial plan information in print and on the website and supporting the online engagement tool is funded from existing core operating budgets.

By comparison, a budget open house costs at least $1,000 to host and typically attracts less than 5 people. Direct mailing costs about $1,500 to all View Royal addresses. Neither of these methods allows participants to interact with the budget directly or provides the convenience of an online tool.