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File #: AR-17-375    Version: 1 Name:
Type: Agenda Reports Status: Filed
File created: 7/25/2017 In control: City Council
On agenda: 9/11/2017 Final action: 9/11/2017
Title: Long Range Financial Capital Plan Presented by: Kevin Scoble, City Manager
Attachments: 1. High Level Long Range Financial Capital Plan
TAMRMS#: B06


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Long Range Financial Capital Plan
Presented by: Kevin Scoble, City Manager

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RECOMMENDATION(S)
recommendation

1. That the September 11, 2017 agenda report entitled “Long Range Financial Capital Plan”, be received as information.

2. That $100,000 associated with the fiscal impact analysis be uncommitted from the Stabilization Reserve.

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PURPOSE OF REPORT

The purpose of this report is to provide Council with an update on the status of the funded projects identified within the “Long Range Financial Capital Plan” and provide an update on the strategy moving forward.

COUNCIL DIRECTION

On April 3, 2017 Council passed the following motion:

CB-17-008
That Council approve $300,000 from the Stabilization Reserve for the implementation of the high-level workplan to support the development of a Long-Range Capital Financial Plan, as outlined in the March 13, 2017 Standing Committee of Whole Agenda Report entitled "Long Range Financial Capital Plan - High Level Workplan", with the exception of the 10 Year Demographic Forecast.

BACKGROUND AND DISCUSSION

On April 3, 2017, Council approved $300,000 from the stabilization reserve to support implementation of the Long Range Financial Capital Plan project, “The Right Investment - The Right Time”. The high-level workplan, presented previously, has been provided as a reference.

Benefits and Challenges
“Long-term financial planning combines financial forecasting with strategizing. It is a highly collaborative process that considers future scenarios and helps governments navigate challenges. Long-term financial planning works best as part of an overall strategic plan” (Government Finance Officers Association, Best Practice, Long-Term Financial Planning).

Developing a “Long Range Financial Capital Plan” is important to ensure financial sustainability of the City’s plans and ensure Council has reliable information; a complete picture of funding needs; and a financial policy framework that ...

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