TAMRMS#: B06
5.4
REQUEST FOR DECISION
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Multi-Year Budgeting
Presented by: Atul Saini, Financial Controller, Financial & Strategic Services
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RECOMMENDED MOTION(S)
recommendation
1. That the Standing Committee of the Whole recommend to Council that the City proceed with implementing a 4-year Capital Multi-Year Budgeting framework, beginning with the 2027-2030 budget cycle.
2. That the Standing Committee of the Whole recommend to Council that the City proceed with implementing a 2-year Operating Multi-Year Budgeting framework, beginning with the 2029-2030 budget cycle.
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SUMMARY
Through research, engagement, and process review Administration is recommending a phased approach for the implementation of Multi-Year Budgeting (MYB):
* Implement a 4-year Capital MYB beginning with the 2027-2030 budget cycle.
* Implement a 2-year Operating MYB beginning with the 2029-2030 budget cycle.
ALIGNMENT TO COUNCIL DIRECTION OR MANDATORY STATUTORY PROVISION
N/A
BACKGROUND AND DISCUSSION
Preparation of the City's budget is one of the most critical initiatives undertaken by Administration and one of the most impactful decisions of Council as it acts as the fiscal plan that provides the resources required to make progress towards achieving the Community Vision and Council priorities. While a three year operating and 10 year capital plan is prepared annually only one year is approved. This process is resource intensive and often results in repetitive requests and revisions each year.
As a result of the need for long-term planning, Financial Sustainability was identified as one of the Strategic Priorities in the 2022-2025 Council Strategic Plan, with Mult-year Budgeting being one of the initiatives planned to address it. By transitioning to a multi-year approach, the City aims to improve efficiency, provide greater certainty for departments, residents, and Council, and better align corporate financial planning with council's long term strategic and...
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