Report
to/Rapport au :
Corporate Services and Economic Development Committee
Comité des services organisationnels
et du développement économique
and Council / et au Conseil
4 October 2006 / le 4 octobre 2006
Submitted by/Soumis par : Greg Geddes, Chief Corporate Services Officer/
Contact
Person/Personne ressource : Marian Simulik, Director, Financial Services and
City Treasurer/ Directrice des services financiers et tresoriere municipale
Financial Services/Services financiers
(613) 580-2424 x 14159, Marian.Simulik
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REPORT RECOMMENDATION
That Council receive and table the Long Range Financial Plan III (Part 1) at its meeting on October 11, 2006 for subsequent approval by Council at its meeting on January 11, 2007.
RECOMMANDATION DU
RAPPORT
Que le Conseil municipal prenne connaissance du
Plan financier à long terme III (Partie 1) et le dépose à sa réunion du 11
octobre 2006 afin qu’il l’approuve ultérieurement à sa réunion du 11 janvier
2007.
BACKGROUND
As
continual corporations, municipalities keep and manage community wealth in the
form of assets for generations. They
plan for population growth, asset maintenance, demographic changes, emergency
preparedness, and a host of other eventualities that affect residents’ quality
of life. As such, they need a longer-term focus than most companies or other
organizations. Since amalgamation,
Ottawa City Council has recognized the benefits of long-term planning and
incorporated this approach into the decision-making process by creating the
Long-Range Financial Plans (LRFP) I and II.
The first and second LRFPs focused exclusively on planning capital spending. This third edition of the City’s Long-Range Financial Plan (LRFP III) will be in two parts. LRFP III Part 1 is a comprehensive financial document, which also includes operating and capital expenditures and an overview of the City’s assets and liabilities. The focus in the third LRFP Part 1 is on improving the City’s financial sustainability, including the strategies and policies that need to be implemented to achieve long-term stability. LRFP III Part 2 will contain a forecast of financial pressures facing the City and a framework to help develop future budgets. LRFP III Part 2 will be received and tabled at the Council meeting of November 22, 2006.
CONSULTATION
No Consultation of LRFP III Part 1 is required.
FINANCIAL IMPLICATIONS
The financial implications are identified within the report.
SUPPORTING DOCUMENTATION
Appendix
A – Long Range Financial Plan III Part 1
DISPOSITION
Upon approval of this report, the LRFP III Part 1 will be presented to the Committee of the Whole on January 10, 2007, and considered for approval by Council on January 11, 2007.