2020-2024 Financial Plan – Council Initiatives
A report providing an opportunity for Council to identify new initiatives for investigation and inclusion in the upcoming five-year financial plan.
TOWN OF VIEW ROYAL FINANCE AND ADMINISTRATION REPORT
TO: Committee of the Whole DATE: October 3, 2019 FROM: Dawn Christenson, Director of Finance MEETING DATE: October 8, 2019
2020-2024 Financial Plan – Council Initiatives
RECOMMENDATION:
THAT the Committee recommend staff investigate the feasibility and financial implications for identified initiatives for inclusion in the draft 2020-2024 Financial Plan.
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 2020-2024 Financial Plan, and direct staff to investigate related feasibility and financial implications.
TIME CRITICAL:
Publication of the draft 2020-2024 Financial Plan is scheduled for early February 2020. By identifying specific initiatives it would like to consider in this plan, Council allows some time for staff to collect, analyze, or otherwise study related operational aspects and financial implications 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 initiatives suggested to them by various community and constituent groups for consideration. By identifying these initiatives early in the process, Council allows 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 consultation throughout the financial planning process.
DISCUSSION:
Appendix A (attached) lists initiatives suggested by a Council resolution or directly from a Council member. These items, if approved, would have an incremental impact on the financial plan in some way. The table includes notes that reference related information, if applicable.
BUDGET IMPLICATIONS:
Staff will include information in the draft 2020-2024 Financial Plan that identifies the estimated capital and/or operational costs and recommended sources of funding relating to each of the initiatives approved as a result of this discussion. Staff may also recommend opportunities for further public consultation or study.
RECOMMENDATION:
THAT the Committee recommend staff investigate the feasibility and financial implications for identified initiatives for inclusion in the draft 2020-2024 Financial Plan.
SUBMITTED BY:
Dawn Christenson, Director of Finance
REVIEWED BY:
Kim Anema, Chief Administrative Officer
Attachment: Appendix A Council Initiatives
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