The Commissioner of Corporate Services provided an introduction to the Fiscal Strategy - 2021 Update presentation and provided background information regarding the development of the fiscal strategy.
The Director of Financial Services/Treasurer began the presentation by reviewing the comparative fiscal diagnostics and the fiscal strategy recommendations introduced at the Council Workshop on September 28, 2020. He further outlined the progress to date on the ten initiatives developed from the recommendations. The Manager of Accounting and Finance, Manager of Asset Management, and Business Performance Specialist provided additional information regarding the ten initiatives being the 2021 budget process, Reserves and Reserve Funds review, Asset Management Plans (AMP’s), DC update and CBC study, Rate-supported Financial Plans, Annual reporting, Future budget processes, Budget Policy, Debt Policy update, and Investment Strategy update.
The Director of Financial Services/Treasurer reviewed options to measure progress to date including comparative fiscal diagnostics, monitoring workflow or financial key performance indicators (KPIs). The presentation continued with a review of the capital budget management, the condition assessment and reinvestment for core assets, delivery of the capital program, and debt management. The Supervisor of Property Tax and Assessment reviewed revenue enhancement, taxes as a levy per capita, water and wastewater charges, and diversification. The presentation concluded with an overview of the annual return on investments, reserve management, and reserves.
Members of Council queried staff regarding the options for investment and the investment strategy, a multi-year capital budget, contingency reserves, and debt.