TOWN OF VIEW ROYAL COUNCIL REPORT: FINANCIAL PLANNING ORIENTATION

TOWN OF VIEW ROYAL COUNCIL REPORT

TO: Council DATE: February 1, 2023 FROM: D. Christenson, Director of Finance MEETING DATE: February 7, 2023

FINANCIAL PLANNING ORIENTATION

RECOMMENDATION:

THAT the report titled Financial Planning Orientation be received for information.

PURPOSE:

To review the proposed 2023-2027 Financial Plan budget workshop package (to be distributed at the meeting) and associated municipal financial planning principles, practices, and requirements.

TIME CRITICAL:

The 2023-2027 Financial Plan budget workshops are scheduled for February 14-16 and February 21 (if required). This orientation will assist Council in understanding the components of the budget workshop package and in providing a common language when discussing the financial plan in preparation for the budget workshops.

EXECUTIVE SUMMARY:

The budget workshop package comprises the proposed 2023-2027 Financial Plan as a basis for discussion at the budget meetings that follow. The package includes an introduction, Council initiatives, various schedules that outline the consolidated financial plan, listings of non-core and capital projects with related funding, service plan budget details, projected reserve balances, project summaries, and a glossary. The Director of Finance will review each of these components to aid Council’s understanding and navigation of the material.

Additionally, the Director of Finance will review the financial planning process and the principles, practices and legislative and other requirements or inputs that staff consider when preparing the financial plan.