TAMRMS#: B06
10.1
REQUEST FOR DECISION
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Financial Policy Updates for C-FS-01, C-FS-03 and C-FS-05
Presented by: Suzanne Findlay, Manager, Financial Services
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RECOMMENDED MOTION(S)
That amendments to the following Council policies, provided as attachments, be approved:
* C-FS-01 Financial Reserves
* C-FS-03 Debt Management
* C-FS-05 Budget and Taxation Guiding Principles
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SUMMARY
To bring forward amendments to C-FS-01 Financial Reserves, C-FS-03 Debt Management and C-FS-05 Budget and Taxation Guiding Principles in accordance with previous Council direction and administrative recommendations.
ALIGNMENT TO COUNCIL DIRECTION OR MANDATORY STATUTORY PROVISION
On April 7, 2026, Council passed the following motions:
CM-26-010
That Council Policy C-FS-05, Budget & Taxation Guiding Principles, section 14(b)(v) is amended to change the threshold to be eligible to apply the prior year's assessment growth from 5% tax increase to 3.5% tax increase.
CM-26-011
That Council amend Financial Policy C-FS-05 to revise the allocation of new assessment growth as follows:
1. Reduce the allocation to New Growth Business Cases from 55% to 45%; and
2. Increase the allocation to the Growth Stabilization Reserve by 5%; and
3. Allocate 5% of new assessment growth to a newly established Debt Offset Reserve for the purpose of reducing reliance on tax-supported debt financing for future capital projects; and
That Administration update Financial Policy C-FS-05 and return any necessary bylaw amendments establishing the Debt Offset Reserve for Council approval by July 14, 2026.
BACKGROUND AND DISCUSSION
The approval of Council motions CM-26-010 and CM-26-011 require updates to Council Financial Policies C-FS-01 (Financial Reserves), C-FS-03 (Debt Management), and C-FS-05 (Budget & Guiding Principles). Administration has also reviewed the policies and proposes recommendations to ensure the policies are up to date.
Updates arising from Council motions CM-26-010 and...
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